Tesla’s meteoric stock rise doesn’t seem to slow down anytime soon, reaching the half-trillion milestone, making it by far the highest valued car manufacturer.
I don’t think anyone believed Elon when in May 2019, he predicted that with the introduction of fully autonomous cars, Tesla’s valuation would reach over $500 billion. Besides, at the time, the company market cap was only about $45 billion. Now, TSLA stock reached a new high, way before Elon predicted.
Tesla’s market cap crossed the half-trillion mark when its stock price rose to $527 per share. When trading closed on Tuesday, each share of Tesla traded at 555.38 US dollars, a 6.4% increment for the day.
Tesla took the stock market by storm this year, with its stock increasing five-fold. It also became the first publicly listed car manufacturer in the US to cross the $100 billion mark. However, the last few weeks have been even better, especially since the company announced it entered the S&P 500.
As of writing, Tesla’s net worth is now greater than Volkswagen, Toyota, BMW, and Honda combined. This statement becomes much more fascinating if we look at the age of these companies and their scale of operations.
2020 has not only been beneficial for Tesla, but Elon has been doing great as well. When the year started, he ranked at the 35th spot in the world’s wealthiest people. But now he has left Bill Gates behind to become the second richest man on the Earth.
Although clinching the top spot from Jeff Bezos might seem out of reach, the rate at which Elon has been adding to his wealth, I wouldn’t consider it completely impossible.
