Tesla briefly became the most valuable carmaker following stock surge

In context: Automakers have struggled as of late due to the ongoing Covid-19 pandemic, but things are slowly starting to return to normalcy now. Indeed, after sorting out some pandemic-related issues with local officials, Tesla has restarted production on its line of EVs, and its stock price has rallied as a result.

As of writing, Tesla’s stock sits at a whopping $1,015 per share, giving it a market capitalization of $174.47 billion. However, earlier this morning, it managed to reach a market cap of $185 billion, which temporarily made it the most valuable automaker in the world, surpassing even Toyota by a few billion dollars, according to TheStreet.

Of course, given the always-fluctuating nature of the stock market, it was inevitable that Tesla would lose that briefly-held crown. Now, its value is back down to $174.47 billion, with Toyota once again reigning supreme in the industry thanks to its market cap of $182.87 billion.

For reference, the last time Tesla’s stock even came close to reaching the $1,000-a-share mark was February, and it quickly sank the following month. However, the stock has been rapidly recovering, with share values climbing roughly $200 in the past 30 days along (up from $820 on May 10).

This stock surge suggests investors are demonstrating renewed confidence in Tesla’s ability to right the ship following a couple months of Covid-19-related production hang-ups. Of course, it’s also possible that CEO Elon Musk’s recently-leaked Tesla Semi memo contributed to the carmaker’s increased stock value.

In the memo, Musk pushes for employees to accelerate Tesla Semi development in the hopes of reaching “volume production” on the vehicle soon.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Cryptopunkad1
Cryptopunkad2
Cryptopunkad1
Cryptopunkad1
Cryptopunkad1
Cryptopunkad1
previous arrow
next arrow

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Crypto Regulation Index
Crypto Regulation Index for 2022
October 3, 2022
What Is ZetaChain And How Does It Operate?
What Is ZetaChain And How Does It Operate?
September 27, 2022
LUNC
What is Terra Classic (LUNC)? How Does it Work?
September 26, 2022
What Is A Public Presale In Crypto?
What Is A Public Presale In Crypto?
September 22, 2022
Cryptocurrency
How Many Cryptocurrencies and NFT Collections are there in 2022?
September 21, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin19,982 0.32 % 3.89 % 3.96 %
? --- 0.00 % 0.00 %
Tether1.001 0.11 % 0.14 % 0.03 %
BNB283.64 0.09 % 0.32 % 2.79 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
? --- 0.00 % 0.00 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.4335 0.48 % 2.32 % 2.96 %
Solana42.12 0.56 % 2.22 % 3.81 %
Dogecoin0.06069 0.17 % 0.93 % 0.72 %

bitcoin
Bitcoin (BTC) $ 19,975.02
ethereum
Ethereum (ETH) $ 1,349.72
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.59
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.469533
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.432622
solana
Solana (SOL) $ 33.63
dogecoin
Dogecoin (DOGE) $ 0.060781