Tesla capitalization exceeded $ 500 billion

(ORDO NEWS) — The capitalization of the American electric car maker Tesla surpassed $ 500 billion amid an ongoing rally in the company’s shares, which helped the head of the firm Elon Musk rise to the second place on the list of the richest people in the world, trading data showed.

As of 17.40 GMT, Tesla shares rose 2.96% to $ 537.31. Thus, the company’s capitalization has reached $ 509 billion.

Shares are gaining in price after a Wedbush analyst raised the target price for them to $ 1,000. Earlier in November, it was reported that Tesla shares would enter the S&P 500 broad market index in December. Since the beginning of November, the company’s shares have risen in price by 38%, from 388 dollars as of the end of October.

Tesla

As a result of the rally, the head of SpaceX and Tesla, Elon Musk, climbed to the second place in the list of the richest people in the world, surpassing Microsoft founder Bill Gates ($ 127.7 billion), according to Bloomberg Billionaires Index (BBI), calculated by Bloomberg. Musk’s fortune grew to $ 127.9 billion. Amazon founder Jeff Bezos remains in first place with $ 182 billion.

The American company Tesla Motors was founded in 2003 as a developer and manufacturer of electric vehicles and related technologies. The company is headquartered in Palo Alto, California, US. In addition to electric vehicles, the company produces batteries and electric motors using its own technology and sells it to other car companies, in particular Toyota and Daimler.

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