(Reuters) – Tesla Inc shares surged on Wednesday, and the company became the first publicly listed U.S. automaker to cross $100 billion in market valuation, more than Ford Motor Co and General Motors Co combined.
Shares of the electric carmaker were up 8.1% at $591.78 in late morning trading, continuing their furious rally that has more than doubled the share price in the last three months.
It “speaks to the inflection in electric vehicle demand globally,” Wedbush analyst Dan Ives wrote in an email.
“The skeptics have been proven wrong, and the $100 billion market cap is sending the bears into hibernation mode.”
The milestone comes less than a month after Tesla’s stock crossed $420, the price at which Chief Executive Officer Elon Musk had tweeted he would take the electric-car maker private.
Musk tweeted he had “funding secured” to take the company private in August 2018, when its shares were trading in the mid-$330s, only to later give up under investor pressure…
Source Reuters Tech News
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