Tesla, one of the multimillionaire Elon Musk’s companies, has reached a $ 1 billion market value by joining the Trillion Dollar Babies Club. This milestone in the history of the American manufacturer follows the rise of more than 9% of the company’s shares, which are trading at a maximum price of $ 994.14. Tesla shares are up 41% this year.
Having reached this level, Tesla joins tech giants that have already surpassed this mark, such as Alphabet or Amazon. In the case of Apple and Microsoft, they’ve already taken it one step further, as these companies have surpassed $ 2 billion in market cap.
Tesla’s rise also seeks to cement Musk’s status as the largest fortune in the world with $ 252 billion, leaving behind rival Jeff Bezos, founder of Amazon, about $ 60 billion.
Tesla is responding to the rise in a number of factors it announced on Monday. The company received an order for 100,000 vehicles from Hertz car rental company, which could amount to 4.4 billion US dollars. The company mainly ordered Model 3s from Tesla, hoping that 20% of the world’s fleet will be electric vehicles.
Also released this Monday was car sales data for the European market, showing the company’s Model 3 was the best-selling car in Europe in September. This is the first time that an electric car has overthrown an internal combustion engine car. Tesla shipped 24,591 Model 3s in September, up 58% from the same period last year.
Last week the company submitted reports for the third quarter, showing that it made $ 1.618 million in profit, nearly five times the $ 331 million recorded in the same period last year. Tesla makes a profit of $ 3198 million in the first nine months of the year.
