Wow, so Elon Musk’s electric car business now exceeds the value of almost every company in the S&P 500, including some iconic American companies.
Shares of Tesla (TSLA) were up 4% in midday trading Wednesday to a new record high of above $1,120 a share. At that price, Tesla’s market cap is nearly $210 billion.
That makes Tesla the most valuable auto company on the planet, ahead of Toyota (TM). Tesla has also passed the market caps of Dow components Coca-Cola (KO), Disney (DIS), Cisco (CSCO), Merck (MRK) and Exxon Mobil (XOM).
There are only 19 companies in the S&P 500 worth more than Tesla. One of them is CNN owner AT&T (T). Tesla is also worth more than PayPal (PYPL) — a company that was formed from the merger of another payments company co-founded by Elon Musk.
Optimism about electric vehicles isn’t limited to Tesla.
Shares of electric truck maker Nikola have soared since the company went public in June through a merger with an existing publicly traded blank check company. Nikola is now worth nearly $25 billion, more than Ford (F).
And the stock of electric battery maker Workhorse (WKHS), which has a stake in private startup Lordstown Motors, has more doubled in just the past week. Congratulations Elon Musk, more wins,milestones and celebrations.