Tesla (TSLA) surges to hit $1 trillion market cap, shares come within inches of $1,000 [Update]

TSLA

Shares of Tesla (TSLA) hit new all-time highs on Monday, propelling the company to a $1 trillion market capitalization.

The surge in share prices comes on the heels of a massive order of 100,000 Model 3s from Hertz car rental company, and renewed interest in the automaker following a strong Q3 2021 earnings report.

Following the announcement by Hertz, TSLA jumped out of the gates early this morning, increasing by 5% at market open. It was also up in pre-market trading thanks to Morgan Stanley’s new outlook and increased price target of $1,200.

The rally continued through the morning, with share prices almost touching $1,000 just before 1:00pm EST.

UPDATE 2:12pm EST: Shares broke through the $1,000 mark and have continued to increase since, now trading at $1007.58 at the time of publication.

It was a significant moment for Tesla, becoming just the 6th company in the U.S. to reach the milestone valuation.

Share prices continue to hover just below the $1,000 mark at the time of publication.

TSLA October 25

Disclosure – Darryn holds shares of Tesla, Inc. (TSLA) and has no plans to change any positions within 72 hours.

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca