Shares of Tesla rose as much as 5.6% on Friday to push the electric-car marker’s market capitalization above $800 billion for the first time, reports Reuters. Tesla’s rally helped its Chief Executive Officer Elon Musk surpass Amazon’s Jeff Bezos as the world’s richest person on Thursday.
- Musk’s 21% stake in Tesla contributes more than $170 billion to his net worth at today’s session high.
- In the previous session, Tesla’s value crossed $774 billion, making it Wall Street’s fifth most valuable company, just behind Alphabet Inc and ahead of social media giant Facebook.
- Tesla’s fortune is an anomaly as its production is just a fraction of large rivals by sales such as Toyota Motor, Volkswagen, and General Motors.
Tesla stock is currently gaining. TSLA: NASDAQ is up 7.79%