Home Business Tesla market value crosses $800 billion for the first time

Tesla market value crosses $800 billion for the first time

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Tesla shares jumped as much as 5.6 percent Friday, pushing the electric-car maker’s market capitalization to more than $800 billion for the first time and inching closer to the trillion-dollar club.

Tesla’s stratospheric rally has helped Chief Executive Elon Musk surpass Amazon boss Jeff Bezos to become the world’s richest man, The Post reported Thursday.

At today’s session high, Musk’s 21 percent stake in the automaker as per Forbes contributes more than $170 billion to his net worth, dwarfing the combined market capitalization of General Motors, Ford and Fiat Chrysler, the three Detroit automakers.

In the previous session, Tesla’s market value crossed $774 billion, making it Wall Street’s fifth most valuable company, just behind Google-parent Alphabet Inc and ahead of social media giant Facebook.

The company’s fortunes are an anomaly as the 17-year-old automaker has production that is just a fraction of large rivals by sales such as Toyota, Volkswagen and General Motors.