Tesla surged previous a $500 billion market cap on Tuesday after markets opened and its inventory worth surpassed $527.48 per share.

Shares of Tesla have been buying and selling at $540.40, up greater than 3%, when markets opened.

The corporate has been on a tear this 12 months, with its inventory worth growing greater than fivefold. Whereas the mark is essentially symbolic, it underscores CEO Elon Musk’s push for growth. Tesla turned the primary $100 billion publicly listed U.S. carmaker in January.

In October, Tesla reported its fifth consecutive quarter of revenue on third-quarter income of $8.77 billion. The corporate additionally reported earlier that month it delivered 139,300 vehicles in the course of the third quarter, a brand new file for the carmaker. 

Tesla is about to join the S&P 500 prior to trading on Monday, Dec. 21, a transfer that pushed shares greater earlier this month since cash managers with funds that monitor the S&P 500 might want to purchase the inventory for his or her portfolios. Morgan Stanley additionally upgraded Tesla to a buy-equivalent chubby score final week, the primary time in years for the reason that firm put a purchase score on the inventory.

This week’s inventory leap additionally pushed Musk to overhaul Microsoft billionaire Invoice Gates because the world’s second richest person, based on the Bloomberg Billionaire Index, which tracks the wealth of the world’s 500 richest individuals. Musk’s web value has risen greater than $100 billion in 2020, marking the biggest enhance amongst these on the Bloomberg Billionaire Index. In January, Musk ranked thirty fifth on the listing. He now trails Amazon CEO Jeff Bezos.

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