Tesla's stock closed at a record high of $2,000 on Thursday, pushing the company's market capitalization to $370 billion. Tesla has been on a weeklong rally since announcing a five-for-one stock split. The split will be distributed to anyone who holds the stock tomorrow—Friday, August 21.
A little more than two months have passed since Tesla's stock first reached $1,000 per share. Last month, Tesla announced a solid second-quarter profit of $104 million. It was the fourth straight quarter of profits.
That could qualify Tesla for inclusion in the S&P 500 stock index. If Tesla wins a slot in the S&P 500, funds that track the index would need to buy Tesla shares. That could push the stock price up even further.
Still, it's not obvious what has triggered the rally of the last few days. Tesla started the week around $1,680. No major positive developments for the company have been announced this week.
One factor may simply be spiraling public enthusiasm for electric carmakers generally. Tesla rival Nikola had a successful initial public offering in June; the company is now valued at $15 billion. A Chinese electric carmaker called Li Auto raised $1 billion in an initial public offering last month.
Another little-known electric carmaker, Canoo, is Read More – Source
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arstechnica
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