Uncategorized

Musk says as Tesla is 1st junk-rated firm to get $1 trillion valuation

If you were wondering which junk-rated company would be the first to reach a trillion-dollar market capitalization, your wait is over. It’s Tesla Inc.  The automaker’s debt may still be considered speculative-grade, but its stock passed the $1 trillion mark on Monday.

“Wild $T1mes!” Musk said on Twitter.

Tesla shares surged as much as 14.9% to $1,045.02, making it the world’s most valuable automaker according to Reuters 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.

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.

Musk’s personal fortune jumped by almost $29 billion to $281 billion after Hertz Global Holdings Inc. placed an order for 100,000 Teslas and filings showed a fresh tranche of options in his moonshot pay package vested. 

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: