Tesla Joins $1 Trillion Market Cap League amid Price Surge on Deal with Hertz
Tesla's price reached record high since IPO on securing its biggest order with Hertz
Tesla Inc. (Tesla) surpassed $1 trillion in market capitalization on Monday after the company secured its biggest ever order of 100,000 units from rental car company Hertz.
The company surged as much as 14.90% reaching to record high of $1,024.86, surpassing market capitalization of $1 trillion. This marks Tesla’s position in the trillion-dollar market capitalization league.
Elon Musk even expressed his surprise to the surge in price, commenting “strange that moved valuation, as Tesla is very much a production ramp problem, not a demand problem,” on the tweet of Ross Gerber Kawasaki, co-founder of the investment fund Gerber Kawasaki and Tesla shareholder.
Musk later separately tweeted “Wild $T1mes!”.
Tesla is expected to deliver the order to Hertz by the end of 2022 and this further solidifies the Tesla’s stance in dominating the automotive industry in the near future.