Tesla’s value rose above $ 500 billion

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Tesla’s value rose above $ 500 billion

27.11.2020 News

Shares of US electric car manufacturer Tesla continue to rise sharply amid news of the company’s future accession to the S&P index. On Tuesday, November 24, the market value of Elon Musk’s company crossed the $ 500 billion mark for the first time.

Tesla shares are said to have risen nearly 550 percent this year, helping Mask add $ 100.3 billion to his equity and overtake Bill Gates in the ranking of the rich, becoming the world’s second richest man with $ 127.9 billion.

“Tesla shares rose by 4.1% on the New York Stock Exchange at the beginning of trading, reaching a record high of $ 543.17 per share and increasing its market capitalization to more than $ 506 billion,” – said in a statement.

Tesla is due to join the S&P 500 on December 21. According to Goldman Sachs Group Inc., this could trigger a $ 8 billion demand from large-cap mutual funds.

“Shares of electric car manufacturers and other related companies around the world are also happy to buy hoping that electric cars will dominate the automotive sector in the coming decades.

Combined with Tesla’s high ratings, it pushes investors to lesser-known names that can benefit from the opportunities growth of the sector “, – analysts of Bloomberg point out.

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