Tesla is now worth more than Toyota, Disney and Coke
|CTVnews 01 Jul 2020 at 15:24|
Elon Musk s electric car business exceeds the value of almost every company in the S&P 500, including some iconic American companies.
Shares of Tesla were up 4% in midday trading Wednesday to a new record high of above $1,120 a share. At that price, Tesla s market cap is nearly $210 billion.
That makes Tesla the most valuable auto company on the planet, ahead of Toyota. Tesla has also passed the market caps of Dow components Coca-Cola, Disney, Cisco, Merck and Exxon Mobil.
Now there are only 19 companies in the S&P 500 worth more than Tesla. One of them is CNN owner AT&T. Tesla is also worth more than PayPal -- a company that was formed from the merger of another payments company co-founded by Musk.
Tesla isn t consistently profitable enough to join the S&P 500. But it may be closing in on that milestone.
Optimism about electric vehicles isn t limited to Tesla.
Shares of electric truck maker Nikola have soared since the company went public in June through a merger with an existing publicly traded blank check company. Nikola is now worth nearly $25 billion, more than Ford.
And the stock of electric battery maker Workhorse, which has a stake in private startup Lordstown Motors, has more doubled in just the past week.