This moment is the start of the real Tesla. Its the point at which people who didnt believe this stuff was real, start to realise this is Car 2.0, he says.
Is its valuation justified by the numbers? Hell no. Is it where transport goes in the next decade? Yes.
Hackett is speaking to AFR Weekend as he watches the sun set over Brecon Estate, the winery he owns in Paso Robles, two hours south of San Francisco. (For those playing at home, he says the Cab Franc is the pick of the winerys latest releases.)
This is prime Tesla country, and Hackett is fixated on the stock surge not just because he still holds stock, having sold down occasionally over the years, often to fund his next Tesla purchase.
From January 1 to January 31, Tesla shares leapt an impressive 56 per cent. What happened next was insane.
The last time anyone saw this was with Bitcoin, but unlike with Bitcoin, there is something real behind this,” he says.
Certainly the companys own data supports the argument it has turned a corner towards operational and financial sustainability.
In early January, Tesla reported vehicle deliveries for 2019 of 367,200, a rise of 50 per cent on the previous year and nicely above the bottom end of its guidance for deliveries between 360,000 and 400,000. Better still, Tesla told the market to expect 500,000 deliveries in 2020.
More good news came on January 29, when Tesla posted earnings of $US105 million in the December quarter. No matter that it was slightly down on the $US143 million in earnings in the September quarter of 2019 – this was a second consecutive profitable quarter for a business that long struggled to break even.
From January 1 to the close of the US markets on January 31, Tesla shares had leapt an impressive 56 per cent. But what happened next was insane.
Elon Musk is having the last laugh over his doubters.  AP
On Mondays session on Wall Street, Tesla leapt 19.9 per cent in a day to an all-time high of $US780, seemingly on little more than news that its battery joint venture with Japanese giant Panasonic had turned profitable thanks to Teslas improving sales.
On Tuesday night, the stock added another 13.7 per cent to $US887.06, having touched an incredible $US960 a share during the session.
Wednesday brought a 17 per cent fall, before the stock steadied at $US749 on Thursday night. That represents a 305 per cent gain from its recent nadir of $US185 in May last year.
Early Australian investors bought in at $300 a share
At Australian investment platform Stake, which allows local investors to trade in more than 3500 US stocks and exchange traded funds, chief executive Matt Leibowitz and chief operating officer Joel Larish have been keenly following the drama.
The stock has long been the most traded on the Stake platform, in part because of how divisive it is. In a survey conducted by Stake at the end of 2019, traders picked Tesla as their stock most likely to soar and the stock theyd most like to short.
Its so polarising, Leibowitz says. There are people who think hes revolutionising the world, and people who think hes a fraud.
The drama in the US has been reflected in Australia, with six times as many trades in Tesla in the last week versus the weekly average for 2019. Stacks data says Tesla is most popular with business owners, and those aged between 25 and 34 were the most active traders.
Interestingly, Stake traders got in early, with more than half buying in at less than $US300 a share. This helps explain why 60 per cent of Tesla trades in the last two weeks on the platform have been sales; Leibowitz estimates the combined profit on the Tesla positions of Stake traders is sitting about $40 million.
Where Tesla goes next
The question for both investors and fascinated onlookers is, where Tesla goes next?
Clearly the stock has been driven by no small amount of short covering, as short sellers are forced to buy shares to close out their position (and stem their losses). And to Hacketts point, Tesla has become a momentum trade as retail and institutional shareholders pile in to ride the surge.
Determining the long-term fundamentals of Teslas business is more difficult.
Theres little doubt the long-term trend towards electric vehicles is in its favour; the British governments decision this week to move forward a ban on the sale of new petrol and diesel cars to 2035 is a good example of the tailwind Tesla enjoys.
Incumbent carmakers face a much more difficult task to transition to this future; the results of US giant Ford Motor Company this week tell the story.
While the company sold almost seven times the number of cars as Tesla in 2019, the massive write-downs it took as part of its never-ending restructuring program, and the huge investments it made to shift towards EVs and other mobility solutions, meant its entire profit for calendar 2019 was just $US47 million.
Tesla has none of these legacy issues and a brand synonymous with electric vehicles.
Hackett says Teslas potential goes beyond that. Its broader push into energy storage for homes and communities underscores what he sees as an attempt to provide a vertically integrated renewable energy solution for consumers lives.
It wont be the only company in that field Hackett is quick to point out theres plenty of room for Redflow and Tesla as energy transitions but it could be a dominant force.
Its deeper than the car. Its deeper than this weeks performance, he says. They are transforming the energy system of the world its a vertical integration story.
Its an attractive vision of the future, but it doesnt make it any easier to solve the big question: Whats the right price for the Tesla story today?