NEW DELHI: Tesla joined an elite group of companies with market values of at least $1 trillion on Monday, a key milestone for the Elon Musk-led carmaker whose shares have been on a tear amid a global shift to electric vehicles.
The maker of the Model 3 sedan – the top-selling electric car worldwide – is now the second-fastest company ever to reach this mark, taking just over 11 years since its listing in June 2010. Facebook did it faster, although its market capitalisation is now below $1 trillion as the stock has sold off over the past two months. The other US-listed members of the trillion-dollar club include Apple, Microsoft, Alphabet and Amazon.
The stock jumped about 10% on Monday, the biggest intraday move since March. It touched a record high of $999, which took its market capitalisation above $1 trillion, based on about a billion shares outstanding as of October 21.
