Shares of Tesla Inc., the company of Elon Musk, one of the world’s richest people, have seen the biggest jump of the last one year during the month of October. With this, Tesla’s market capitalization has reached its all-time high.
Shares of electric vehicle maker Tesla jumped 44% in October. This is the biggest jump in Tesla’s shares in any month since November last year. Tesla shares closed with a gain of 3.4% on the New York Stock Exchange on Friday, the last trading day of the month.
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Tesla started October with impressive results for the September quarter, which saw strong growth in the company’s deliveries and earnings. Apart from this, the company said that it has received an order for 1 lakh electric vehicles from car-rental company Hertz Global Holdings Inc.
The shares of Tesla were seeing a steady rise for the last 5 months. However, these headlines of last month put momentum in Tesla’s shares and the company’s market valuation reached $ 11 trillion. Tesla’s shares have also been buoyed by the belief that electric vehicles are going to go mainstream in the coming days.
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Most of the companies that had a market valuation of $1 trillion before Tesla achieved this feat after achieving an annual revenue target of $50 billion. However, Tesla has achieved a market valuation of $1 trillion before hitting its annual revenue target of $50 billion.
Tesla is the 5th largest company on the S&P 500 Index by market capitalization. However, in terms of annual revenue, it is at 89th position. Tesla’s revenue last year was $31.5 billion. Walmart Inc., the company with the highest revenue on the S&P 500 index, posted revenue of $559.2 billion last year. Although it is also a fun fact that the market valuation of Walmart Inc. is less than its annual revenue of $ 417 billion.
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