unilad
Advert

Tesla Has Hit $500 Billion Market Cap For The First Time

by : Daniel Richardson on : 24 Nov 2020 15:13
Tesla Has Hit $500 Billion Market Cap For The First TimePA

Elon Musk has been climbing up the world’s rich list rapidly, and this is largely because of his electric vehicle company, Tesla. Now, the company has reached new heights in the stock market.

Tesla shot passed the $500 billion market cap on Tuesday morning as shares of the company exceeded $527.48 per share. This increase in share value is yet another achievement for the company that has seen its stock price increase by five times this year.

Advert

The increases share value comes after five consecutive quarterly profit increases. The most recent quarter saw the company achieve a revenue of  $8.77 billion.

PA Images

While some may expect the profits for Tesla to begin to decline, it seems that the future is bright for the company. It will join the S&P 500 in late December, and this will likely mean that more investors will be interested in getting a slice of the profits.

It appears to be an incredibly profitable time to be in the electric vehicle market, and it will be interesting to see what the company does with this increase in wealth. Hopefully, it will mean more vehicles that use renewable fuel.

Advert

If you have a story you want to tell, send it to UNILAD via [email protected]

Most Read StoriesMost Read

News

Boris Johnson Set To Announce New Covid Restrictions

Daniel Richardson

After graduating from university, Dan went on to work with a variety of tech startups and media outlets. Through working with the likes of Game Rant, The Hook and What Culture, Dan pursued his interests in technology. The skills he picked up along the way are now being utilised with UNILAD.

Topics: Technology, Elon Musk, Now, stock market, Tech, Tesla