Companies

Tesla m-cap surpasses $1 trillion

Our Bureau Mumbai | Updated on October 26, 2021

FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain   -  REUTERS

Surpasses Facebook to become fifth largest US public company

Tesla has officially entered the $1 trillion club in terms of market capitalisation.

The automobile company surpassed the $1 trillion mark on Monday after its shares zoomed on the back of landing its biggest order yet from rental company Hertz Global Holdings Inc. Hertz ordered one lakh cars from Tesla. Tesla’s shares closed 12.66 per cent higher with its m-cap at around $1.03 trillion.

Also read: Tesla lobbies India to slash taxes before it enters EV market

“Strange that moved valuation, as Tesla is very much a production ramp problem, not a demand problem,” Tesla CEO Elon Musk said in a tweet about the company’s shares gaining post the order from Hertz. “To be clear, cars sold to Hertz have no discount. Same price as to consumers,” he added.

Tesla also surpasses Facebook in the list of the top five publicly traded companies in the US. It took the fifth spot after Apple, Microsoft, Alphabet and Amazon. Facebook’s m-cap stood at around $927 billion at closing.

According to media reports, Musk’s wealth also increased by around $36 billion in a day. “Wild $T1mes!” Musk wrote in a separate tweet.

Published on October 26, 2021

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