Tesla Inc (TSLA) surpassed a $500 billion market cap on Tuesday

Tesla Inc (TSLA) reaching the new heights in the stock markets on Tuesday when the company finished the trading with a market cap greater than $500 billion for the first time after its share price cross the $527.48 figure. The company’s shares closed at $555.38 per share, up 6.4% for the day.

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According to Factset, Tesla’s enterprise value relative to EBITDA exceeded 130 based on the company’s last 12 months. Despite the pandemic, the company is performing surprisingly well, with its stock price increasing more than 5 times and in January, it became the first $100 billion publicly listed U.S automaker.

The Company recently reported its fifth consecutive quarter of profit with a revenue of $8.77 billion in the third quarter. The company also set a record of vehicles delivery in the third quarter by delivering 139,300 vehicles.

Tesla is scheduled to Join S&P 500 on December, 21, Monday due to which share price has already gone up this month because the money managers need to buy the stock for their portfolios. The company’s buy-equivalent overweight rating has also been increased by Morgan Stanley, the first time in years since the company put a buy rating on the stock.

The recent increased in share price also pushed Musk to become the 2nd richest man in the world according to the Bloomberg which pushed Microsoft billionaire Bill Gates to number three position. In January Elon Musk was ranked 35th on the list but within no time he is just behind the Amazon CEO Jeff Bezos who is currently the richest person in the world.