Tesla continues flight, set to breach half a trillion mark in market value1 min read . Updated: 24 Nov 2020, 09:12 PM IST
Tesla's shares were up 3.5% at $540.53 in premarket trading and will have to open above $527.48 to hit the $500 billion mark.
Tesla Inc was set to breach $500 billion in market value on Tuesday, as its shares extended a meteoric rally that has seen the stock gain more than six times this year.
Shares of the electric-car maker have risen nearly 28% since the S&P Dow Jones Indices confirmed they would add the company to Wall Street's benchmark index from Dec.
Its shares were up 3.5% at $540.53 in premarket trading and will have to open above $527.48 to hit the $500 billion mark.
The recent rally has also boosted Chief Executive Officer Elon Musk's net worth by $7.2 billion to $127.9 billion, helping him go past Bill Gates to become the world's second-richest person, according to the Bloomberg Billionaires Index.
Tesla has become by far the world's most valuable automaker, despite a production that is a fraction of Toyota Motor Corp , Volkswagen AG or General Motors Co.
Shares of other electric vehicle (EV) makers have also risen in the last few months as President-elect Joe Biden made boosting EVs a top priority during his campaign.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.