Stock Price Closed at $555.38, Up 6.43% on the 24th
[Asia Economy Reporter Jeong Hyunjin] The market capitalization of U.S. electric vehicle manufacturer Tesla surpassed $500 billion (approximately 555 trillion KRW) for the first time ever on the 24th (local time).
According to Bloomberg News and others, Tesla's stock closed at $555.38, up 6.43% from the previous trading day. The stock price, which was $86.05 in January, has increased more than fivefold. As a result, Tesla's market cap reached $516.956 billion on the day, expanding by 550% over the past year.
Tesla's stock price has shown a rapid upward trend this year based on solid performance. Tesla reported profits for five consecutive quarters through its Q3 earnings announced last month, delivering 139,300 vehicles to customers in Q3, setting a new record.
In particular, on the 16th, Tesla's stock soared 36% following news that it would be included in the S&P 500 index. CNBC reported that with Tesla's inclusion in the S&P 500 index starting from the 21st of next month, fund managers tracking this index are expected to add Tesla shares to their portfolios.
With Tesla's stock price rising, CEO Elon Musk surpassed Microsoft (MS) founder Bill Gates the day before to become the world's second-richest person. According to Bloomberg's Billionaires Index, his net worth is $128 billion, second only to Amazon CEO Jeff Bezos ($182 billion).
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