Wednesday, February 1, 2023
News Hertz Boosted Tesla Stock Over $1,000 Billion

Hertz Boosted Tesla Stock Over $1,000 Billion

A large order from Hertz made Tesla break records on the stock market

  • Hertz car rentals ordered 100,000 Tesla models by 2022

  • A valuation of over $1,000 billion places Tesla in the same bracket as Google, Apple, Microsoft and Amazon

  • Elon Musk owns 17% of Tesla and he is the richest man on earth

Tesla has enjoyed a very high valuation on the global market for many years, but it crossed the $1,000 billion threshold for the first time today.

The company’s valuation had increased significantly after its third quarter sales figures and financial statements were made public last week, since Tesla managed a record-breaking performance despite the semi-conductor shortage that affects the automotive industry as a whole.

The latest push came after the announcement made by Hertz, the car rental company, in which it revealed its intention to order 100,000 Tesla vehicles by the end of 2022.

Hertz’s CEO justified this decision by explaining that Tesla cars have become a mass market product and that demand and interest in these types of vehicles have only just begun to increase around the world.

Customers will be able to rent a Tesla from Hertz in most major cities in the United States after the first order will be fulfilled by the automaker.

Breaking the $1,000 billion ceiling has made Tesla a part of the very select group of most valuable companies on earth, composed of Microsoft, Apple, Google and Amazon. It is the first time a car company is valued this high.

This reinforces Elon Musk’s title has the richest person on earth since the CEO owns about 17% of the company’s shares, thus benefitting a lot from this increase in market value.

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