Business

Tesla crosses US$100b stock market valuation in first for a US carmaker

BENGALURU (REUTERS) – Tesla became the first US$100 billion (S$135 billion) publicly listed US carmaker in extended trading on Tuesday (Jan 22), in a sign of Wall Street's confidence in an all-electric future.

The milestone comes less than a month after Tesla's stock crossed US$420, the infamous price at which chief executive officer Elon Musk had tweeted he would take the electric car maker private.

Musk tweeted he had "funding secured" to take Tesla private in August 2018, when its shares were trading in the mid-US$330s, only to later give up under investor pressure and regulatory concerns.

Tesla shares were last up 1.4 per cent at US$555 after the bell, building on a 7.2 per cent gain during trading when brokerage New Street Research raised its price target to US$800.

Tesla's market value also puts Musk a step closer to earning the first US$346 million tranche of options in a record-breaking pay package.

The US$100 billion valuation needs 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 granted to Musk to buy Tesla stock.

Tesla, which is already valued more than Ford Motor and General Motors combined, has seen its stock more than double in the last tRead More – Source

Related Posts