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Tesla market value crosses $500 billion as shares surge six-fold this year

Tesla has become by far the world's most valuable automaker, despite a production that is a fraction of Toyota Motor Corp, Volkswagen AG or General Motors Co.

Topics
Tesla Inc | Elon Musk | S&P 500

Subrat Patnaik | Reuters 

Elon Musk. Photo: Reuters
Elon Musk, who was ranked 35th in January, has added $100.3 billion to his net worth so far this year, according to the index. Photo: Reuters

crossed $500 billion in market value on Tuesday as investors lapped up its shares in the run-up to its addition to the index, extending a meteoric rally that has seen the stock gain more than six times this year.

Shares of the electric-car maker have risen nearly 28 per cent since the S&P Dow Jones Indices decided to add the company to the benchmark index from Dec. 21.

Its shares rose as much as 3.9 per cent to a record high of $542.35 in early trading, valuing the company briefly at $514 billion.

The recent rally has also boosted Chief Executive Officer Elon Musk's net worth by $7.2 billion to $127.9 billion, helping him go past Bill Gates to become the world's second-richest person, according to the Bloomberg Billionaires Index.
 

Musk, who was ranked 35th in January, has added $100.3 billion to his net worth so far this year, according to the index.

Tesla has become by far the world's most valuable automaker, despite a production that is a fraction of Toyota Motor Corp, Volkswagen AG or General Motors Co.

Shares of other electric vehicle (EV) makers have also risen in the last few months as President-elect Joe Biden made boosting EVs a top priority during his campaign.

"One of the core underpinnings of the Biden platform will be around pushing clean energy and zero-emissions vehicles with hopes of accelerating the deployment of electric vehicles and public charging outlets by 2030," Wedbush analyst Daniel Ives said in a note.

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First Published: Tue, November 24 2020. 20:35 IST
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