Tesla shares extended a vertiginous rally that has made the company the world’s second-largest carmaker by market value, despite losing the backing of Saudi Arabia’s giant Public Investment Fund and attracting new attention from a famous short-seller.
Up another 18 per cent by lunchtime in New York on Tuesday, hitting a record price above $920 a share, the stock has now more than doubled since the start of the year.
The rapid stock price rise continued despite the disclosure that Saudi Arabia’s $320bn sovereign wealth fund had all but eliminated its stake in the electric car maker. The fund held stock worth just $16.4m at the end of December, according to a Tuesday filing with the US securities regulator.
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