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Elon Musk's Tesla Stocks Hit $1 Trillion and Internet Delivered on the Memes – News18


Elon Musk’s Tesla Inc stock just hit $1 trillion after landing the biggest-ever order of 100,000 electric vehicles from car rental company Hertz. Shares surged 12.7% post this milestone. With Tesla stock hitting $1024.86, it became the sixth firm to reach the $1 trillion record and the only carmaker to do so. So far, only Amazon, Apple, Alphabet, Facebook, and Microsoft have crossed this valuation. With Tesla’s stock at a record high close of $1,024.86, Musk’s 23% stake in the newly minted trillion-dollar company is now worth about $230 billion, according to Refinitiv. That stake includes options worth over $50 billion that have vested under Musk’s 2018 compensation package. Last week, Tesla reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.2 billion, up 77% from the year before. That was enough to vest his seventh options tranche, worth over $8 billion as of Monday, reported Reuters. Tesla’s six-month average stock market valuation is over $650 billion, clearing the way for all 12 of the options tranches in Musk’s pay package, should the company reach increasingly higher targets related to revenue and adjusted EBITDA for the remaining five tranches. With the breaking news, Musk, of course, led the way with a punny tweet saying “Wild $T1mes!”

But it wasn’t only Musk making the puns – the entire Internet joined in.

From ecstatic shareholders to people looking for a quick buck, Twitter saw all kinds of hot takes on the trending Tesla.

Some even predicted the same destiny for Musk’s ‘favourite’ Dogecoin, too.

Interestingly, Hertz had recently gone bankrupt and the Tesla order is an attempt to revive and electrify its floundering rental business. It is also the largest order ever for electric vehicles with a price tag of $4.2 billion and is expected to be delivered before the end of 2022. Musk is also a shareholder of his SpaceX rocket-making company which is worth $100 billion, as per a CNBC report.

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