>> Tesla posting a surprise profit Wednesday, lifting the company shares up more than 14% after the close of a brutal session for the stock market.>> All right.>> CEO Elon Musk making good on his promise to turn a profit in the third quarter, after wrapping up production of Tesla's crucial Model 3 sedan.
Reuters correspondent Alexandria Sage covers Tesla.>> Certainly, this was a big coup that Elon Musk pulled off today with Tesla's third quarter earnings. He posted a robust profit, said profit would be repeated in the fourth quarter. He reported positive cash flow. These are all things that have been promised by Musk for months now, and investors have been waiting to see whether he will really deliver.
>> Musk making his last earnings report as chairman for at least years count.>> Musk's statements misled members of the investing public.>> The Securities and Exchange Commission took the role of running the board away from him, after the CEO posted some misleading tweets about taking the company private.
Which also cost him and the company a combined $40 million to settle civil fraud charges.>> This is quite a turnaround for Musk who only a few weeks ago was being criticized for his leadership skills. He had a very public smack down from the SEC, so Elon Musk has certainly gone through a lot in this past quarter.
Investors have gone through a lot of turmoil in this stock, and there are a lot of happy Tesla investors today.>>
And a happy CEO must be claiming victory over at least one short seller after analyst Andrew Left of Citron Research said this week he is now betting on the stock, calling the Model 3, quote, a proven hit.