Elon Musk’s Tesla touched a new milestone on Monday, breaching the $1 trillion market capitalisation mark, as the stock price soared 12.66% on the back of a massive order from car-rental behemoth Hertz. With this surge in market cap, Tesla is more valuable than the top 5 BSE listed companies combined. Along with the rise of Tesla Inc share price, Elon Musk’s net worth has also soared by a massive $36 billion, according to Bloomberg Billionaires Index, extending his lead as the world’s richest person ahead of Amazon’s Jeff Bezos.
Tesla Market cap more than RIL, TCS and more
Tesla’s market capitalisation on the NASDAQ index stood at $1.02 trillion on closing with the stock price sitting at $1,024.86 per share. Meanwhile, the combined market capitalisation of the 5 most valuable BSE companies stands at Rs 51.67 lakh crore or $688 billion ($1 = Rs 75.02). This includes Mukesh Ambani’s Reliance Industries Limited (RIL) the most valuable company on BSE with a market capitalisation of Rs 16.50 lakh crore.
The other BSE companies whose market cap has been eclipsed by Tesla include Tata Consultancy Services with a market cap of 12.91 lakh crore, HDFC Bank at Rs 9.17 lakh crore, Infosys at Rs 7.24 lakh crore, and ICICI Bank with a market capitalisation of Rs 5.8 lakh crore.
Since the end of May this year, Tesla’s share price has zoomed a massive 64%. Hitting a 52-week high of $1,045 per share on Monday. The current up-move in the stock came after Hertz Global Holdings handed Tesla its biggest ever order of 100,000 electric cars. According to Reuters, the order will be primarily for Model 3, which is also the top-selling vehicle in Europe. Although P/Diluted EPS Before Extra (trailing) basis, Tesla is valued at 296.2x, but analysts remain constructive on the stock with most analysts recommending investors to ‘Hold’ the stock, according to data sourced by S&P Capital IQ.
Elon Musk cements position as richest person
Elon Musk has extended his lead over Jeff Bezos as the world’s richest person by $96 billion as his net worth soared to $289 billion adding $36 billion in just one day. SO far this year, Elon Musk has added $119 billion to his net worth. Meanwhile, Jeff Bezos’ net worth stands at $193 billion, after losing $751 million on Monday.