Elon MuskCEO of Tesla Inc (NASDAQ:TSLA) said Monday that the electric vehicle company could surpass the value of all transportation companies except its rocket manufacturing company SpaceX.
What happened
“With a LOT of work and good ideas, I think it could surpass the value of all transportation companies, excluding SpaceX,” Musk said in a post on the social media platform X.
The CEO was responding to an X user who pointed out that the company's current market value exceeds that of several automakers.
Tesla shares closed at $430.60 on Monday, up 2.27%. The stock is up 73.3% on a yearly basis, thanks to the rally following the victory of Donald Trump in last month's presidential election.
Why it matters
Tesla has a market capitalization of 1,382,000 billion at last close. American rivals Ford Motor Co (NYSE:F) and General Motors (NYSE:GM) have a market capitalization of $39.35 billion and $58 billion respectively at the previous close.
SpaceX, meanwhile, has reached a $350 billion valuation after the company and its investors agreed to buy $1.25 billion in insider shares earlier this month. The new valuation makes SpaceX the most valuable private startup in the world. Its valuation, in fact, exceeds that of its rival listed on the stock exchange Boeing Co. Boeing has a market capitalization of just $132.94 billion at last close.
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