Elon Musk, CEO of Tesla and SpaceX, poses on the red carpet as he arrives for the 43rd "Goldenes Lenkrad" (Golden Steering Wheel) awards on November 12, 2019 in Berlin. Photo by Tobias SCHWARZ / AFP
AFP via Getty ImagesTesla CEO Elon Musk is, frankly, a great Twitter follow. He was at it again Thursday afternoon with Tesla shares soaring—and Tesla bears licking their wounds.
He tweeted out at about 2:25 p.m. eastern time “Who wears short shorts?” with two crying laughing face emojis. One reply from a follower “Chuck Norris!”
Chuck Norris is a popular internet meme. One meme apt for Musk—also the CEO of SpaceX—goes: A Chuck Norris roundhouse kick is so powerful, it can be seen from outer space by the naked eye.
Tesla shares are up almost 200% year to date, crushing comparable returns of the S&P 500, Dow Jones Industrial Average, and automotive peers. Tesla shares are up another 7.8% Thursday after two bits of good news.
Despite the incredible gains, Tesla is still dogged by bearish investors. More than 10% of shares available for trading are sold short by investors betting on price declines, a much higher level than the average short interest for stocks in the Dow. Bearish bets haven’t worked out lately.
There were two more tidbits of good news Thursday, which pushed up shares. First, Wedbush analysts Dan Ives published a $2,000 “bull case” price target. His official price target is $1,250. That report had Tesla stock up in premarket trading.
Next came second quarter delivery figures. Tesla delivered about 90,000 cars during the second quarter, despite the pandemic. The delivery figure was above the most bullish Wall Street estimate.
It has been quite a week for Tesla shares. The stock is up about 25% over the past few days as analysts revisited second quarter delivery numbers. The Street began to realize, shortly after the quarter ended, that delivery numbers were likely too low, but no one correctly predicted how strong the second quarter finished.
Tesla is now the most valuable company in the world, measured by market capitalization. Toyota Motor (TM) may still be larger, as an entity, when including debt. But Toyota, like other traditional auto makers, has a large finance arm which makes comparisons difficult.
Whatever measure is used, Tesla’s value and recent stock run is remarkable.
Musk didn’t stop with trolling the shorts. He also tweeted about the SEC later Thursday.
Investors have to take the odd with the good when it comes to Musk. He also recently tweeted about the stock being “too high” and simply LOL, short for laugh out loud, to his 36.4 million followers.
Write to Al Root at allen.root@dowjones.com
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