Tesla eclipses $1 trillion market value, sixth company in US history
That market capitalization is less than half that of Apple (AAPL), the most valuable company in the world at $2.5 trillion, and No 2 Microsoft (MSFT), which is worth $2.3 trillion.
Tesla eclipsed the $1 trillion market value to become the sixth company to do so in US history, CNN reported.
Boosted by two spots of good news, shares popped more than 12% Monday to close at about $1,025. Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam Jonas recently raised his price target on Tesla to $1,200 a share, the report added.
Tesla (TSLA) gained over the $1 trillion mark in just that hefty one-day gain. That market capitalization is less than half that of Apple (AAPL), the most valuable company in the world at $2.5 trillion, and No 2 Microsoft (MSFT), which is worth $2.3 trillion. Other members of the trillion-dollar club include Google parent Alphabet (GOOG), worth $1.8 trillion, and Amazon (AMZN), at $1.7 trillion.
Reaching it just more than 12 years after its 2010 initial public offering Tesla is the second fastest company to hit the $1 trillion mark. Only Facebook (FB), which needed just over 9 years from its IPO got there faster to reach $1 trillion.
Apple took the longest, hitting the mark more than 37 years after it started trading in 1980, followed by Microsoft, which took a bit more than 33 years. Amazon needed 21 years, while Google reached the mark for the first time after 15 years. It's not uncommon for companies that reach the $1 trillion benchmark to slip back below it, CNN report stated.
Tesla did on Monday surpass Facebook, whose shares are slipping following the release of a large trove of internal documents known as "The Facebook Papers."
Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability.
The company was founded by Jeffrey B Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning on July 1, 2003 and is headquartered in Palo Alto, CA.