Tesla’s m-cap surpasses $1 trn after bagging mega order

B’luru/Washington, Oct 26

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Tesla Inc surpassed $1 trillion in market value on Monday after landing its biggest-ever order from car rental company Hertz, a deal that reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.

Tesla shares surged as much as 14.9% to $1,045.02, making it the world’s most-valuable automaker according to calculations based on its latest filing.

Even Tesla Chief Executive Elon Musk expressed surprise at the velocity of the surge. “Strange that moved valuation, as Tesla is very much a production ramp problem, not a demand problem,” Musk tweeted in reply to a comment by Ross Gerber, co-founder of the investment fund Gerber Kawasaki and a Tesla shareholder.

“Wild $T1mes!” Musk wrote in a separate tweet.

Tesla is the first carmaker to join the elite club of trillion-dollar companies that includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc (Google). — Reuters