Tesla Joins The Elite Club Of Companies With $1Trillion Market Cap
After eleven years of being a publicly traded company, Tesla on Monday hit a market valuation of $1Trillion milestone. In the early morning trade on Monday, the share hit $975 and quickly went past the $1000 mark by the end of the day, closing at $1024.86.
The biggest reason behind the bullish sentiment pushing the Tesla shares up was the news about the Car Rental Service – Hertz putting in one of the biggest orders of 100,000 Cars to Tesla. Tesla is well known for not giving any discounts on its cars even for bulk purchases, which means the cheapest variant of the Model 3 costs $41,990 resulting in the total order value being at $4.2Billion.
This milestone also puts Tesla in the elite club of companies with Apple, Amazon, Facebook, and Google, all of which have market caps above $1 trillion.
Despite the ongoing chip shortage and supply chain constraints, Tesla reported a net income of $1.62 billion in the third quarter of 2021, fivefold more from the $331 million it did this time last year. The company’s operating income grew some 54 percent over the past quarter to $2 billion. In the third quarter, Tesla produced approximately 238,000 vehicles and delivered over 240,000 vehicles.
CEO Elon Musk’s tweets have lent some volatility to the Tesla share price in the past but the stock has been steadily rising.
In 2019 the Tesla shares were at $420 and Musk had tweeted.
On the $1Trillion Market Cap, Musk tweeted on monday
