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Tuesday, 26 October 2021 10:06

Tesla Has Officially Become Big Tech After Surging Beyond $1 Trillion in Market Value

Written by Brad Bergan, Interesting Engineering
Tesla Has Officially Become Big Tech After Surging Beyond $1 Trillion in Market Value Afif Kusuma/Unsplash

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It seemed both impossible and inevitable, and it's finally happened.

Elon Musk's Tesla officially surpassed $1 trillion in market capitalization Oct. 25, becoming the fifth firm in the country to do so, after Microsoft, Alphabet, Apple and Amazon, according to an initial report from Reuters.

 

In other words, Tesla has officially joined the club of Big Tech superpowers. And Musk knows it, tweeting "Wild $T1mes!" on Oct. 25.

 

Tesla surged past the $1 trillion market cap threshold at roughly midday Oct. 25 when its shares reached $998.22. Share prices seemed stuck just under $1,000 for a moment, then shot upward like a rocket from another company run by Musk, SpaceX.

 

As of this writing Oct. 25, Tesla shares were worth $1,024, an increase of 13% from that morning's opening value. This marks the first time the all-electric automaker's share price has gone beyond $1,000 per share.

 

Shares went even higher that day as multiple news stories broke on Musk's all-electric automaker, like the purchase of 100,000 EVs by the car rental giant Hertz. The deal will make 20% of Hertz's global rental fleet all-electric, and is reportedly worth $4.2 billion, according to a TechCrunch report.

 

Tesla's new trillion-dollar status was also bolstered by a note from Morgan Stanley analyst Adam Jonas, who said the company was raising its price target to $1,200 (up from $900). Another report from JATO Dynamics said Telsa's Model 3 had climbed to the top of the charts in Europe in September, outselling any other conventional internal combustion engine.

 

This exploding share price stands on the shoulders of the previous week's report from Musk's firm, when it reported...


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