Tesla Motors Inc. logo
Qilai Shen | Bloomberg | Getty Figure of speeches
Tesla became the first $100 billion publicly listed U.S. carmaker in extended trading on Tuesday, in a sign of Fold up Street’s confidence in an all-electric future.
The milestone comes less than a month after Tesla’s stock crossed $420, the iniquitous price at which CEO Elon Musk had tweeted he would take the electric car maker private.
Musk tweeted he had “stocking secured” to take Tesla private in August 2018, when its shares were trading in the mid-$330s, solitary to later give up under investor pressure and regulatory concerns.
Tesla shares were last up 1.4% at $555 after the bell, construction on a 7.2% gain during trading when brokerage New Street Research raised its price target to $800.
Tesla’s market value also exterminates Musk a step closer to earning the first $346 million tranche of options in a record-breaking pay package.
The $100 billion valuation scarcities to stay for both a one-month and six-month average in order to trigger the vesting of the first of 12 tranches of options offered to Musk to buy Tesla stock.
Tesla, which is already valued more than Ford Motor and General Motors fused, has seen its stock more than double in the last three months, fueled by a rare quarterly profit in October, account of production ramp-up in its China factory and better-than-expected annual car deliveries.
In another win, Tesla reached a settlement with Michigan to permit it to directly deliver its vehicles to customers in the state, a person familiar with the agreement said on Tuesday.