“It’s a revolution that I underestimated,” says Wall Street investor Andrew Edward Left. The company is on the verge of becoming profitable.
A prominent Wall Street investor who has previously bet on Tesla has reversed and now relies on the company of tech billionaire Elon Musk. The unexpected backing Tesla gave the shares a massive boost on Tuesday – the price went up by just under 13 percent from the US trade. The market value of the electric car manufacturer, who has never written profit, is now back more than 50 billion dollars. For comparison: General Motors is worth $ 45.3 billion, Ford $ 34.2 billion and Fiat Chrysler $ 25.7 billion.
The well-known big investor Andrew Edward Left of Citron Research – previously known as a great Tesla skeptic – praises the company suddenly in the highest tones. “It’s a revolution that I underestimated,” said Left to Bloomberg TV. Tesla chef Musk attracts so much attention with his escapades that people would not even notice the success of his company. In fact, the company is about to become profitable and to refute the doubters.
Left had previously caused a stir with a lawsuit against Musk after he shocked the markets in August with plans for a stock market retreat Tesla. Citron held a long-short position against Tesla, so speculated on a price decline of the stock.
On Tuesday, Tesla’s spontaneous announcement of another tailwind on Wednesday – much earlier than expected – provided figures for the third quarter. Musk had promised investors months ago that the previously chronically deficient company will make it out of the red.