Tesla market cap blows past $500 billion

Tesla CEO Elon Musk reacts during a talk at the E3 Gaming conference in Los Angeles on June 13, 2019.

After the market opened on Tuesday, Tesla achieved a market cap of $ 500 billion and its share price crossed $ 527.48 per share.

Tesla shares were trading more than 3% at $ 540.40 when the market opened.

The company is shedding tears this year, its share price has increased more than five times. While the sign is largely symbolic, it underscores CEO Elon Musk’s push for development. Tesla became the first $ 100 billion publicly listed US carmaker in January.

Tesla market cap blows past
Tesla market cap blows past

In October, Tesla reported third-quarter profit in third quarter revenue of $ 8.77 billion. The company also reported that earlier that month it had delivered 139,300 vehicles during the third quarter, a new record for the carmaker.

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Tesla is set to join the S&P 500 on Monday before December 21, a move that has pushed the shares up earlier this month as wealth managers tracking the S&P 500 There will be a need to buy stock for your portfolio. Morgan Stanley also upgraded Tesla last week with a buy-par overweight rating, as the company held a buy rating on the stock.

According to the Bloomberg Billionaire Index, this week’s stock jump also surpassed Musk to overtake Microsoft’s billionaire Bill Gates, the world’s second richest man, who monitors the wealth of the world’s 500 richest people. Musk’s net worth exceeded $ 100 billion in 2020, the largest increase on the Bloomberg Billionaire Index. In January, Musk was 35th on the list. He now supersedes Amazon CEO Jeff Bezos.

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