Tesla Hits $500 Billion Mark After Soaring 547% This Year
- Company’s market value crosses half a trillion for first time
- Tesla rally sparks EV buying frenzy across the globe
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Tesla Inc. is smashing through records as its impending addition to the S&P 500 Index has sparked a buying frenzy among investors, pushing the company’s market valuation over the $500 billion mark for the first time on Tuesday.
Shares of the electric vehicle company have soared this year, rising nearly 550%, with gains accelerating over the past week after S&P Dow Jones Indices last Monday said Tesla will be added to the benchmark. The stock surge helped co-founder Elon Musk add $100.3 billion to his net worth this year and overtake Bill Gates to become the world’s second-richest person.