The value of the electric car manufacturer’s shares has grown by almost 550% since the beginning of the year.
Market capitalization of electric car manufacturer Tesla first exceeded $500 billion on Tuesday, November 24, writes Bloomberg.
The value of the company’s shares continued to grow amid news of the company joining the S&P 500 index in the future.
At the beginning of trading in New York, the company’s shares rose by 4.1 percent, reaching a historic high of $543.17 per share. As a result, the car maker’s capitalization exceeded $506 billion.
According to Bloomberg, this justifies the mask’s prediction made 18 months ago during a conversation with investors.
Tesla to join the S&P 500 index from December 21. It is noted that this may cause demand for $8 billion of mutual funds with large capitalization.
The value of Tesla shares recently rose to $508.61, which was another record for the company. Since the beginning of the year, the car manufacturer’s shares have grown by almost 550%.