By Justin Pei
Rochester — Tesla stock continues to follow an upward trend as it reached a record high $900 per share on Tuesday, a jump as much as 20%- a day after Tesla shares climbed 19.9%, its biggest one-day gain in six years.
Earlier this year, Tesla became the first U.S. automaker to hit the $100 billion market cap. Tesla’s market cap is now more than $140 million, triple that of General Motors. According to CNBC, Tesla shares have more than doubled this year already, due in part to analysts raising price targets to catch up to the rising stock and consequently short-covering investors who bet against Tesla shares.
According to Forbes, Tesla CEO and the company’s biggest shareholder Elon Musk, has had his net worth pushed to $39.3 billion as a result of Monday’s share price gain.
Those betting against the stock are already down $8 billion since the start of 2020, $2.5 billion from Monday alone according to S3 Partners.
Tesla investor Ron Baron told CNBC Tuesday morning, that he believes Tesla could hit the $1 trillion revenue mark within the next decade and keep on growing from there.