Elon Musk’s Tesla Has Officially Reached a US$1 Trillion Valuation
It is no secret that billionaire Elon Musk has his eyes set on world domination. With his futuristic technology, electric cars that can protect drivers from chemical weapons and his ongoing project to somehow establish a permanent human presence on Mars with Spacex, Musk is certainly well on his way to changing the world.
In fact, the Internet has been debating how good a James Bond supervillain Musk would make (and we agree that he would, especially with his Tesla Cybertruck which was inspired by the 1976 Lotus Esprit car that was in a James Bond film).
However, the potential anti-hero reached new heights this week when he announced that his electric car company, Tesla, officially reached a public market valuation of $1 trillion. This was after the company added over US$100 billion to its market capitalisation in a single day.
The valuation comes after it was announced that Hertz will acquire 100,000 Teslas to set up what is considered the largest electric vehicle rental fleet in North America.
Following the deal, Tesla saw its stock close at US$1,025 which bumped the company’s total value up to over US$1 trillion.
This means that Tesla is now worth about four times as much as Toyota. It also means that the car company has joined the big leagues of trillion-dollar companies such as Apple, Amazon, Microsoft, Alphabet and Saudi Aramco.
Of course, we all know how competitive Musk is especially after we saw billionaires club big-timers Jeff Bezos and Richard Branson fighting to be the first to get to space (a race which Branson won by a matter of days). Not to be outdone, Musk simply announced that his company, SpaceX, will attempt to reach Mars soon.
In fact, SpaceX is already hoping to launch its first orbital Starship test flight in a matter of months.
For sure, Musk is happy about the recent developments with Tesla and one thing we can be certain of is that he will likely be pushing ahead to continue to increase the company’s valuation above his competitors soon.
The announcement of Tesla’s valuation comes as Hertz, which recently exited bankruptcy, prepares to launch an initial public offering (IPO).
“Electric vehicles (EV) are now mainstream, and we’ve only just begun to see rising global demand and interest. The new Hertz is going to lead the way as [we] grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world,” said Hertz’s interim chief executive officer Mark Fields in a statement.
This is also not the first milestone Tesla has reached recently. In fact, in January last year, the automobile company celebrated their market capitalisation reaching US$100 billion for the first time.