Name: Tesla market value crosses $500 billion in meteoric rally | SaltWire
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Tesla market value crosses $500 billion in meteoric rally | SaltWire

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CUSTOMER SERVICEBy Subrat Patnaik and Noel Randewich (Reuters) - Tesla Inc blew past $500 billion in market value on Tuesday as investors snapped up its shares in the run-up to its debut in the S&amp;P 500, extending a meteoric rally that has seen it surge over 500% this year. The California electric carmaker's stock rose nearly 5%, putting its market capitalization at $519 billion. Tesla is Wall Street's seventh most valuable company, just behind Berkshire Hathaway , and its shares have rallied over 30% since Nov. 16, when it was announced Tesla would join the S&amp;P 500 benchmark. Index funds that replicate the S&amp;P 500 will have to buy more than $50 billion worth of Tesla's stock ahead of its inclusion to the index on Dec. 21. Additionally, Goldman Sachs estimated last week that actively managed mutual funds could buy another $8 billion of Tesla shares after it is added. Tesla has become by far the world's most valuable automaker, despite production that is a fraction of Toyota Motor Corp, Volkswagen or General Motors Co. Shares of other electric vehicle (EV) makers have also rallied in recent months as President-elect Joe Biden made boosting EVs a top priority during his campaign. Chinese electric carmaker Nio Inc fell 4.9% on Tuesday, trimming its gain in November to 72%. "One of the core underpinnings of the Biden platform will be around pushing clean energy and zero-emissions vehicles with hopes of accelerating the deployment of electric vehicles and public charging outlets by 2030," Wedbush analyst Daniel Ives wrote in a research note. (Reporting by Subrat Patnaik in Bengaluru and Noel Randewich in San Francisco; Editing by Tom Brown)Ensure local journalism stays in your community by purchasing a membership today.The news and opinions you’ll love for only $20/year.Your home for the news shaping Canada's East Coast$20.00FLASH SALEUNLIMITED

CUSTOMER SERVICEBy Subrat Patnaik and Noel Randewich (Reuters) - Tesla Inc blew past $500 billion in market value on Tuesday as investors snapped up its shares in the run-up to its debut in the S&amp;P 500, extending a meteoric rally that has seen it surge over 500% this year. The California electric carmaker's stock rose nearly 5%, putting its market capitalization at $519 billion. Tesla is Wall Street's seventh most valuable company, just behind Berkshire Hathaway , and its shares have rallied over 30% since Nov. 16, when it was announced Tesla would join the S&amp;P 500 benchmark. Index...

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Tesla market value crosses $500 billion in meteoric rally | SaltWire

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