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Business

Tesla Joins Elite List of Companies With $1 Trillion Market Cap

Tesla Joins Elite List of Companies With $1 Trillion Market Cap

  • Elon Musk’s Tesla has joined an exclusive list of trillion-dollar companies that includes Microsoft, Apple, and Facebook
  • The company became valued at $1 trillion after Hertz announced that it was set to buy 100,000 electric vehicles
  • News of the deal has driven the value of stocks of the electric car company above $1000 for the first time ever

Tesla hit a $1 trillion market cap on Monday following news that Hertz had ordered 100,000 vehicles for its electric vehicle rental fleet.

Hertz said the cars would be delivered by the end of 2022 as it aims to build the largest electric vehicle rental fleet in North America.

Meanwhile, Tesla has now joined an exclusive list of companies with market caps above $1 trillion including Apple, Amazon, Microsoft, and Facebook.

The news of the deal has driven the stocks of the car company to $1,045, only a day after the shares broke $900.

In September, Tesla’s Model 3 electric sedan became the first car that was fully electrical to top new car sales overall in Europe.

Tesla

The deal with Hertz will earn the electric car company a reported $4.2 billion, the largest electric vehicle purchase ever.

Monday’s valuation milestone came despite the company being ordered to remove a software update for its autonomous driving capabilities during the weekend.

Read also: Meme Coin Shiba Inu Crashes Down as Elon Musk Denies It

The CEO of the company, Elon Musk took to Twitter to celebrate the new milestone just before the end of market hours.

Tesla shares have soared since 2020 as investors bet on a surge in car sales as they anticipate a government ban of petrol and diesel cars with climate consequences.

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