Tesla (TSLA) has had a remarkable year this year, with CEO Elon Musk surpassing Bill Gates to become the world’s second-richest person as proof. But the growth shown by the electric vehicle (EV) manufacturer is known worldwide, with a total of 139,300 vehicles delivered in the third quarter alone.
On Tuesday morning, Tesla (TSLA) surpassed a $500 billion (USD) market cap for the first time with its stock price growing beyond $527.48 per share, as reported by CNBC. The automaker’s stock has increased more than five times its own worth this year, having reported its fifth consecutive quarter of profit in October, with a third-quarter revenue of $8.77 billion.
Tesla to Join S&P 500 in December, Stock Surges 14% After Hours https://t.co/WI0fJZI2dR
— Tesla North (@RealTeslaNorth) November 16, 2020
As the company prepares to join the S&P 500 index Monday, December 21, its stock also saw increases earlier in the month. Money managers with funding to track the S&P 500 index will purchase stock for their own portfolios, alongside Wedbush bull case targets having raised to $1,000 (USD), both of which have contributed to Tesla’s achievement in hitting a $500 billion market cap.
In any case, Tesla is preparing for an impressive end of the year too, with earlier reports of a goal to sell half a million vehicles in 2020. If they don’t, they’re likely to do so in 2021.
Zachary Visconti is a news writer covering Tesla and other EV companies, as well as stories about electric battery news, autonomous driving, and all things sustainable technology. Currently residing in Santa Rosa, California. Loves his wife, his cat Banks, and a good cup of coffee.