Paul Hennessy/SOPA Images/LightRocket via Getty Images
- Tesla stock surged as much as 7% Thursday to briefly touch $2,003 per share.
- It’s the first time that the automaker’s stock has crossed the $2,000-per-share threshold.
- The company – already the world’s most valuable automaker – now has a higher market capitalization than Walmart.
- Watch Tesla trade live on Markets Insider.
- Read more on Business Insider.
Shares of Tesla rose as much as 7% on Thursday, briefly touching an all-time high of $2,003 per share.
It’s the first time that the automaker, led by Elon Musk, has crossed the $2,000-per-share threshold, even amid its searing rally that’s sent shares skyrocketing this year.
The rally pushed Tesla’s market capitalization to nearly $372 billion, surpassing the market value of big-box retailer Walmart, worth about $371 billion. Tesla earlier in the year became the most valuable automaker in the world after eclipsing Toyota’s market value.
Read more: MORGAN STANLEY: Buy these 22 stocks that are slashing costs as sales take a hit from COVID-19 – putting them in position to smash the market as the economic recovery continues
Tesla shares have been on a tear this year, fueled by strong vehicle-delivery results, a streak of profitable quarters, and the potential the stock could be included in the popular S&P 500 index.
The latest leg of the company’s rally comes ahead of its first-ever 5-for-1 stock split, which it announced in August. At the end of trading August 21, each shareholder of record will receive four additional shares for each they own, to be distributed at the end of trading August 28. Tesla will begin trading on a stock split-adjusted basis on August 31.
Tesla has surged roughly 375% year-to-date.
Read more: Stock market wizard William O’Neil famously turned $5,000 into $200,000 in just a few year’s time. Here’s the 7-part model he uses to sniff out winning stocks.
Source: Read Full Article