Hyperdrive
Elon Musk Is Getting the Last Laugh on Wall Street After a Wild 2018
- Stock is back near the highs it hit on talk of going private
- Company is making cars profitably, at least at the moment
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It was only a few months ago that Wall Street was bashing Elon Musk’s Tesla Inc. One analyst called the stock “no longer investable,” citing Musk’s erratic behavior in tweets and taunts. A short seller bet on a dramatic drop, saying it’s “more and more apparent that Tesla is having difficulties paying their bills.”
But an unexpected thing happened along the way: The company found its footing as an electric-car manufacturer, an achievement masked by Musk’s bluster. Its stunning third-quarter profit picture, boosted by its ability to ramp up production of Model 3 sedans, surprised naysayers, and marked the beginning of a turn in market sentiment.