Tesla set to add $100 billion in market cap today
An order for Tesla rental cars from Hertz helped to set off a frenzy of buying in TSLA shares today, sending the stock up to a high of $1045 (so far) from $910 at Friday's close.
That's more than $100 billion in market cap added, which is larger than General Motors and approaching General Electric or IBM. It's one of the single largest market cap gains for any stock in history.
It's total market cap today crossed $1 trillion, which is more than all other automakers combined, with room to spare. Elon Musk's nearly 20% stake alone is worth more than any individual carmaker except Toyota.
It's a remarkable move but what stands out to me on that chart is the volume. It's high today but still well below the frenzy from this time last year. What is worth noting is that the doubling of the shares last year began in early November.
I don't know if there's anything else to say about TSLA that hasn't been said already but one underrated factor in US dollar trading in the past few years is equity flows. When we think of some currencies, we think of oil, commodities, rate differentials or some other factor. For the US dollar, technology and tech stocks are one of those factors. When they rally like TSLA is, the dollar generally does better.
