New post Thank you for 2021. Expecting a bigger you in 2022 Read More

MobileNews

Tesla’s Market Capitalization Grows Closer To The Trillion Dollar Mark

1 Mins read

Tesla Inc.’s share rises as much as 5.6% on Friday, pushing the electric vehicle maker’s market capitalization north of $800 billion for the first time ever, Reuters report.

This rise in market capitalization brings Tesla closer to the trillion dollar club, than it earlier was.

The astronomical rise in the value of Tesla shares has helped Chief Executive Officer, Elon Musk, surpass Amazon inc.’s top boss, Jeff Bezos, to become the world’s richest man.

According to a report by Forbes, as at Friday’s session, Musk’s 21% stake in the electric vehicle company, contributes more than $170 billion to his net worth, dwarfing the combined market capitalization of three Detroit based automakers – General Motors, Ford Motor Co and Fiat Chrysler Automobiles.

Read also: Volkswagen Has Developed A Robot That Autonomously Charges Electric Vehicles

In the previous session, Tesla’s market value had crossed $774 billion to become Wall Street’s fifth most valuable company, trailing behind Google’s parent company – Alphabet Inc, and ahead of social media giant Facebook Inc.

Morgan Stanley, a Wall Street analyst, lifted its price target for the automaker to $810 on Tuesday, saying strong demand and new factories would keep Tesla far ahead of competitors in the electric-vehicle sector.

RBC Capital’s analysts said RBC didn’t expect Tesla to leverage its soaring stock price to raise funds last year.

There is no graceful way to put this other than to say we got TSLA’s stock completely wrong,” RBC said.

Analysts in the industry consider Tesla’s fortunes an anomaly as the company, which has only been in existence for 17 years, has production that is just a fraction of that of large rivals such as Toyota Motor, Volkswagen and General Motors.

528 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
Mobile

Mobile Advertising: Benefits and Helpful Tips on How to run it.

2 Mins read
These days, people spend more time looking at their smartphones than they do on computers. Mobile devices allow people to stay constantly…
MobileRandom

Display ads on mobile devices.

3 Mins read
Nowadays, People spend an average of 5hr on their mobiles. Whether you’re focused on driving sales or building a brand, mobile is…
News

Adobe to acquire Figma in a deal worth $20 billion

2 Mins read
American multinational computer software company, Adobe, has announced that moves are on the way to its acquisition of design platform, Figma. Following…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply