Electric car maker Tesla’s market value reached more than $ 500 billion for the first time, a five-fold increase since the start of the year.
Tesla became the first US $ 100 billion listed car company in January.
The rise comes after its share price exceeded $ 527.48 per share, and the share price was on an upward path in August, after reaching its lowest level during the year in March.
Tesla’s stock price helped make its CEO (Elon Musk) second in the Bloomberg Riches Index, after it ranked 35th on the list in January.
Musk’s fortune is more than $ 128 billion, which helped him surpass Microsoft founder Bill Gates, while Jeff Bezos remains the first in the world as the richest person.
Musk’s fortune rose to more than $ 100 billion in 2020, registering the largest increase among the increases included in the Bloomberg Riches Index, which tracks the wealth of the world’s 500 richest people.
The share price rebounded last week after news that it was added to the S&P 500 in December.
Since Friday, the company has added more than $ 52 billion to its market value, which is equivalent to adding nearly half of Ford to its valuation.
The S&P 500 index announced on November 16 that Tesla will formally join the index on December 21, which puts the electric car maker in the index that includes heavyweight companies such as Apple and Microsoft.
When Tesla joins the S&P 500, it will be among the companies with the largest market value within the index.
Not only is Tesla’s addition to the S&P 500 symbolic of value, but joining has real financial benefits, as investors can buy shares.
As stock prices rise, this means that investors will have to sell other shares to make room for Tesla shares.
In October, the company announced its fifth consecutive quarter profit after achieving $ 8.77 billion in revenue in the third quarter.
The company also reported earlier that month that it delivered 139,300 cars during the third quarter, a record for the carmaker.