Shares of Tesla surged as much as 6% in early trading Wednesday, pushing the automaker’s market capitalization above $100 billion for the first time.
Since the start of year 2020 shares of Tesla’s stock have been surging and are up more than 34%. Its market capitalization exceeds the combined valuations of Ford and General Motors.
The news comes only two weeks after Tesla overtook Ford to become the highest-valued automaker in American history, topping Ford’s $80.8 billion USD market value with Tesla’s $85 billion USD market value. Elon Musk‘s automaker has seen its stock more than double in the last three months, thanks to an unusual quarterly profit in October 2019, production increase in its China factory and exceeding annual car deliveries.
Forbes and Bloomberg estimate Mr. Musk’s current net worth at about $32 billion, about half of it composed of Tesla shares.