Tesla has become the sixth company in U.S. history to be worth US$1 trillion.
Shares popped more than 12% Monday to close at about $1,025, boosted by two spots of good news: Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam Jonas recently raised his price target on Tesla to $1,200 a share.
Tesla is the second fastest company to hit the $1 trillion mark, reaching it just more than 12 years after its 2010 initial public offering. Only Facebook, which needed just over 9 years from its IPO to reach $1 trillion, got there faster. Tesla did on Monday surpass Facebook, whose shares are slipping following the release of a large trove of internal documents known as "The Facebook Papers."
For Tesla, by contrast, Wall Street's excitement about the future of electric vehicles has pushed the company's market value to more than the 11 largest global automakers combined.
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