Elon Musk says 'LoL' as Tesla shares soar

(IANS) As Tesla stock skyrocketed to cross $1000 for the first time, what its CEO Elon Musk had to offer was a LoL, expressing disbelief over the surge.

The stock of electric-vehicle maker which has climbed 145 per cent this year, crossed $1,000 for the first time ever this week, making it one of the top performers on US stock exchange.

"Lol," Musk tweeted on Thursday, along with adding 'Stonks."

The misspelled word is an internet meme used to describe the ridiculousness of the stock markets.

Tesla has reached a market cap of $190 billion. It has sold nearly 368,000 vehicles globally, and aims to sell over 500,000 in the current fiscal year.

Wedbush analyst Dan Ives said that demand in China for Model 3 is going stronger than expected which is adding to Tesla stock going north.

"We believe that the China growth story is worth at least $300 per share to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months," Ives wrote in a note to clients.

Musk said it was time to begin 'volume production' of its new commercial Semi truck.

According to Tesla's website, Semi is powered by four independent motors and requires the "lowest energy cost per mile". The truck was first unveiled in 2017.

The truck is slated to cost around $150,000 for the 300-mile model and around $180,000 for the 500-mile model, said the report.

Musk tweeted in May: "Tesla stock price is too high imo (in my opinion)".