Economic news

Elon Musk jeers uncovered bears after Tesla stock rise

As Tesla Inc's high quarterly vehicle sales drove its shares to a record peak on Monday, Chief Executive Elon Musk derided traders expecting the luxury electric vehicle maker is on a road to fail.

"Stormy weather in Shortville ...", Musk wrote in Twitter after Tesla's better-than-anticipated quarterly car sales announced on Sunday sent its shares rising 5.8 percent.

Tesla reported it delivered a record 25,418 cars in the first quarter, a 69-percent growth from last year and inching past Goldman Sachs' estimate of 23,500 vehicles. Monday's rise in Tesla's shares gave it a market capitalization of $48 billion - leaving behind Ford Motor's $45 billion cost.


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