Tesla’s market valuation hit $500 billion Tuesday for the first time.
The company’s stock price hit $527.48 per share at 9.47 EDT (1447GMT) on the Nasdaq, taking the company to historic heights, while shares traded at $540 at 10.25 EDT (1525GMT) with a 3.4% gain.
The US electric carmaker, energy storage and clean energy company in January became the first $100 billion publicly listed American carmaker when shares started rallying with market value increasing more than fivefold since that time.
October was critical for the firm as it reported a fifth consecutive quarter of profits during July-September. It also announced it delivered 139,300 vehicles in the third quarter -- a record for the company.
The rocket increase in shares also helped CEO Elon Musk move up the Forbes' real-time billionaires list.
Musk passed Facebook CEO Mark Zuckerberg and business tycoon Warren Buffett for fourth spot on the list. His $112 billion net worth is closing in on Microsoft co-founder Bill Gates' $118 billion.
Tesla is set to move Monday, Dec. 21 from the Nasdaq to join the SP 500, which partially contributed to the historic rise of its stock price.
The three major US indexes opened higher as home prices rose 6.6% in September, from the same period last year, to mark their largest annual increase since April 2018, according to the SP CoreLogic Case-Shiller index report.
The Dow Jones was at 29,974 points, up 1.3% at 10.25 EDT (1525 GMT), while the SP 500 was at 3,609 points, rising 0.9%. The Nasdaq was at 11,910 points with a 0.25% rise.
Optimism in the markets was also fueled by President-elect Joe Biden naming former Federal Reserve Chairwoman Janet Yellen on Monday as incoming Treasury Secretary.
