The value of US electric car maker Tesla reached $608 billion on Monday for the first time, as its shares continued their epic 2020 run. The firm thus joins the exclusive club of top-five S&P 500 companies.
Its peers in the top five are Apple, Microsoft, Amazon, and Facebook, according to Dow Jones Market data.
Tesla’s shares are up more than 660 percent year to date, and it’s added about $220 billion in market capitalization since the S&P index committee announced last month that its stock would be added to the S&P 500 index on December 21. Since the inclusion was announced, investors have pushed the stock to record highs of $641.76 per share.
Initially, the team at S&P Dow Jones Indices considered adding Tesla stock to the S&P 500 in tranches, which would have been the first such process to take place. However, later it was disclosed that the shares would be added in one fell swoop, or “at its full float-adjusted market capitalization weight effective prior to the open of trading on Monday, December 21, 2020.”
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Tesla’s skyrocketing stock rise has helped its CEO, Elon Musk, overtake Bill Gates as the world’s second-richest man. The 49-year-old entrepreneur has added over $100 billion to his net worth this year – more than anyone on the Bloomberg Billionaires Index.
He began the year in 35th place on the index and has since knocked fellow billionaire and Facebook CEO Mark Zuckerberg down a notch from that list. He is now nipping at the heels of Jeff Bezos, the world’s richest man, who is sitting on a $184 billion fortune.
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