On the same day its CEO Elon Musk overtook Microsoft’s Bill Gates to become the world’s second-richest man, American electric vehicle maker Tesla saw its market value soar past the $500 billion USD mark for the very first time in the company’s history.
On Tuesday, the automaker’s stock price climbed by more than 4 percent, pushing its market cap above $520 billion USD by that afternoon. At that level, Tesla is now valued more than most of the world’s major car manufacturers combined, including Toyota, Volkswagen, GM, Ford, Fiat Chrysler and the PSA Group.
The new surge comes after an increasingly successful year for Tesla, which saw its share price grow by a staggering 550 percent since the beginning of this year, from just $86 USD back in January to now $549 USD as of yesterday. Its financial results also remained strong in 2020 despite the ongoing coronavirus pandemic, with the company reporting growth for the fifth consecutive quarter and a net income of $847 million USD, equating to a 156 percent increase from the same period last year. Its stock will also be joining the S&P 500 in the coming month.
In other business-related news, Airbnb has finally filed to go public after a profitable third quarter this year.