Tesla is now the most valuable automaker in the US, while short sellers lose over $1 billion

Tesla stock market

After Tesla’s Q3 earnings call yesterday where they announced a record quarter with a profit and the Model Y ahead of schedule, shares of the US automaker rocketed in after-hours trading, and continued once markets opened this morning.

Save with big discounts at your favourite Tesla accessories stores, like 10% off at Tesmanian, TesBros and Nikola Pro, plus many more. Coupon codes at DriveTeslaCanada.ca/deals.

Closing at $299.68 per share on the NASDAQ, TSLA now has a market capitalization value of over $53 billion, according to Reuters. This valuation puts it ahead of General Motors, now the second most valuable US automaker at $51 billion. It isn’t the first time Tesla has been valued #1, but in recent months General Motors has had a substantial lead as Tesla shares had dropped this year, until yesterday.

What this 17.7% jump in Tesla shares also translates into is a huge loss for short sellers of TSLA. As the most shorted company on the stock market in terms of money invested, roughly $10.5 billion, short sellers suffered paper losses of $1.4 billion on Thursday.

Many analysts with negative views towards Tesla are likely looking over their financial models and making some changes after the Q3 earnings report from Tesla.

About Mike 433 Articles
Senior Contributor. White Long Range AWD Model 3 owner since October 2018. EV fan since 2012 with my first Nissan Leaf | Mike@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca