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#Tesla becomes world’s most valuable automaker as stock tops $1,000

#Tesla becomes world’s most valuable automaker as stock tops $1,000

June 10, 2020 | 11:15am

Tesla’s stock is supercharged.

The Elon Musk-led company on Wednesday cracked the $1,000 mark for the first time ever, leapfrogging Toyota to become the most valuable automaker in the world.

Tesla stock surged more than 6 percent after an internal memo from Musk leaked saying that the carmaker would soon be gearing up for mass production of its hotly-anticipated semi truck.

The all-time high comes a little over a month after Musk tweeted that Tesla’s stock price was “too high.” Musk recently triggered the first tranche in his eye-popping $50 billion pay package, and is eligible to cash in on 1.69 million shares of Tesla which are now worth more than $800 million.

Tesla’s market cap is now threatening to break the $200 billion barrier, currently sitting at $186.4 billion.

Shares of Tesla were up 6.9 percent Wednesday morning, at $1,005.38.

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