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Toyota is no longer the most valuable automaker in the world. Tesla has ascended to the top position, worth more than Ford, GM, and FCA combined, according to a handy fan-made spreadsheet.
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Tesla's net worth reigns supreme
With a market capitalization valued at roughly $185 billion, Tesla is now worth more than Volkswagen Group, Daimler, Toyota, Honda, and Daimler.
The fan-made spreadsheet was made using Yahoo and Google data to track automaker valuation, and it showed Tesla surging to first place on Wednesday.
As of writing, Tesla's stock is sitting at roughly $1,014 per share, after a rise of roughly $72 from Tuesday.
This places more valuation distance between Tesla and other U.S. rivals Ford, GM, and FCA. As of Wednesday, GM's worth was roughly $41 billion, with Ford at $27 billion, and FCA sitting at roughly $20 billion. For a long time, Tesla's market valuation was more than all three, but then the stock continued its upward motion until the all-electric automaker cemented a major milestone, according to CNET.
Tesla's rise, CEO Elon Musk's $700 million payout
The all-electric automaker has seen consistent market value growth, which gave CEO Elon Musk a payday of roughly $700 million earlier in 2020. Musk doesn't take a salary as CEO of the company, but he still earns stock options at a low price to sell at market rate whenever he chooses.
However, there's little data available to explain the recent jump in valuation, but Wedbush Securities lifted its target share price to $1,000 on Wednesday. The investment firm pointed to "game-changing" developments as a reason behind the lift in target price.
Skeptics of Tesla's valuation have surrounded the all-electric automaker for years. In January of this year, Bank of America analysts forecasted a 12-month average stock price of only $350 for Tesla. While the company's stock value did fall near to that level in March, it has since made an impressive comeback.
Doubtless, Tesla is also cementing its reputation as an old hand in casual defiance of market forecasting.
Nikola — an all-electric truckmaker also named after the renowned inventor Nikola Tesla — reached a market valuation of $34 this week, also beating FCA and Ford, despite never making a single dollar in revenue, reports CNET.