Tesla  (TSLA) shares rose more than 1% in earlier trading Friday, briefly pushing Tesla's market cap to $61.6 billion, ahead of legacy car-maker BMW  (BMWYY) . That market capitalization would place Tesla fourth among car makers by value, behind Toyota (TM) , Daimler AG (DDAIF) , and Volkswagen AG (VLKAY) . 

The fact that Tesla is the most shorted stock on the market doesn't seem to bother CEO Elon Musk who tweeted:

Could be worse https://t.co/CtnkJysquj

— Elon Musk (@elonmusk) June 8, 2017

Tesla's share price has increased about 70% this year after the company announced beating Wall Street's quarterly delivery estimates, shipping just over 25,000 vehicles. 

The stock has popped in recent days after Musk confirmed that the company's highly anticipated Model 3 sedan will begin production on schedule in July.

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