Musk’s Tesla exceeds $1 trillion net worth after deal with Hertz

15:59, 26 October 2021
Musk’s Tesla exceeds $1 trillion net worth after deal with Hertz Photo: Paul Hennessy/

The electric car manufacturer has become the sixth US company to surpass this threshold.

Tesla’s shares grew by more than 10% and closed at around $1,025, therefore, exceeding the $1 trillion mark.

The increase happened  on Monday thanks to a deal with Hertz who announced purchasing 100,000 automobiles from the company which moves its headquarters to Texas.

Tesla became the sixth US company to reach the mark after Apple with a $2.45 trillion market capitalization, Microsoft ($2.31 trillion), Alphabet (Google) worth $1.84 trillion, Amazon ($1.68 trillion), and Facebook which reached its peak in 2021 but is currently below the $1-trillion cap with some $925 bln, according to CompaniesMarketCap.

Facebook keeps plunging on the list after its interior documents, the so-called “Facebook Papers”, have leaked and the company undergoes scrutiny by the Federal Trade Commission.

The only non-American business in the trillion-dollar club is Saudi Aramco, an oil titan from the Middle East with an almost $2-trillion evaluation.

As for car producers, Tesla’s closest rival is Japan-based Toyota with around $240 bln market cap.

Tesla is the second-fastest enterprise to reach the $1 trillion mark with 12 years after its IPO. Facebook remains unbeaten with only nine years to hit the $1 trillion cap. Apple took its time with 37 years spent to become a trillion-dollar company.

In the third quarter of 2021, the company sold 241,300 electric vehicles exceeding its forecasts. In 2021, Tesla has sold a total of 627,000 cars so far.