Tesla becomes the latest member of the Trillion Dollar Club

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PALO ALTO (TUSEN) – Tesla, Inc. became the latest U.S. company to join the Trillion Dollar Club on Monday, after a series of moves that pushed the company’s value above a trillion dollars.

The valuation jump comes after famous car rental company Hertz purchased 100,000 vehicles from Tesla for delivery to their various locations in the United States and Europe. This move will make 20% of Hertz’s fleet electric cars, giving tenants more options.

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The move prompted investors in the company to increase Tesla’s market value to $ 1.03 trillion. In response, the company’s shares also surged to over $ 1,000 each ($ 1,024.86), ending the day up 12%.

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Bloomberg’s decision estimates put the deal at around $ 4.2 billion for Tesla, in what would be the biggest deal in electric vehicle history.

According to the Wall Street Journal and Dow Jones Market Data, it took less than two years for Tesla’s market value to drop from $ 100 billion to $ 1,000 billion, which took Amazon eight years. The company is now worth more than the next nine automakers combined.

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Last week, Tesla posted its third consecutive quarter of record earnings, another factor in the company’s continued growth.

Elon Musk, CEO of Tesla and the richest person in the world, has also seen his own network soar, with his own holdings in the company worth around $ 297 billion. Musk’s net worth now stands at $ 255.2 billion.

With the announcement of the move, Hertz also saw its shares rise 10.04%, taking the shares to $ 27.17 by the end of the day. Not bad for a company that had declared bankruptcy on December 31, 2020. In July 2021, they announced that they were no longer in Chapter 11 bankruptcy.

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Tesla is now part of a prolific club that only five other American companies have joined, the Trillion Dollar Club. The other five companies are household names and powerhouses in their respective businesses – Amazon, Google, Facebook, Apple and Microsoft. In recent months, Facebook’s valuation has fallen slightly, falling below the trillion dollar threshold.

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