Connect with us

Hi, what are you looking for?

Stocks

Tesla Surpasses $100 Billion Stock Valuation

Tesla set a new record on Tuesday as it became the first publicly listed car company in US history to reach a valuation of $100 billion.

The record is being hailed as a sign of Wall Street’s confidence in a future car industry that is predominantly electric. This new $100 billion stock valuation milestone comes just a month after Tesla’s stock reached $420, the price at which Elon Musk pledged to make the company private.

Tesla shares were up 1.4% at the end of the trading day, at a total of $555. This increase built upon further gains that followed brokerage New Street Research increasing the stock’s price target to $800. That news pushed Tesla shares up 7.2%. Tesla is now more valuable than both Ford Motor Co and General Motors Co combined.

The company’s stock has more than doubled during the last tree months after it made a rare report of quarterly profitability in October. These gains have also been bolstered by news of a major re-haul of the company’s China factory and delivery numbers that have exceeded expectations. Tesla has also experienced a legal victory in Michigan, where a settlement ruled the company can now deliver directly to Michigan customers.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...