With Tesla’s (NASDAQ: TSLA) increase on Thursday, which saw the electric car company finish the day with a $473.259 billion market value, and with new Wall Street reports saying that SpaceX today is worth over $100 billion, Elon Musk now stands as the CEO of two firms with a total market cap of over half a trillion dollars. While remarkable, it is important to remember that both businesses are just getting started.
The landmark was noted on Twitter by Elon Musk himself, who responded to a post that Box CEO Aaron Levie shared. “Levie noted in his tweet that the half-a-trillion valuation of Tesla and SpaceX today is evidence that it is possible to transform earth and space travel at the same time.” Musk also seemed quite excited in his response, responding with a short “Wild times! ”
In no small part, Tesla’s latest rally seems to be inspired by the forthcoming entry of the EV maker to the S&P 500, one of the most prominent benchmark indices on the market. After Tesla reported five straight positive years, the company’s official entry to the S&P 500 arrived.
This was despite the introduction of competing for electric cars from existing car manufacturers, as well as the fact that there is still a large amount of skepticism from skeptics about the brand.
Nevertheless, this year, Tesla has carried out its plans well, with the company still aiming to pursue its initial objective of delivering 500,000 electric vehicles in 2020.
Despite the fact that the world is already reeling from the current pandemic, Tesla appears to be on target to come close to or even achieve, this ambitious target.
To meet the 500,000-vehicle mark, Tesla needs to produce over 180,000 vehicles this Q4, and it seems that Elon Musk and his team expect to go full tilt with vehicle development and deliveries all the way.
Interestingly enough, Wall Street has even caught the attention of even Elon Musk’s privately held space company, SpaceX. Estimates reported by Morgan Stanley last month alone led to SpaceX having an overall value of over $100 billion.
For its prediction, Morgan Stanley identified many reasons, such as the capacity of the company as an internet service with its Starlink satellites, as well as its position in the US launch industry. “For SpaceX, the pieces are coming together to create an economic and technological flywheel,” wrote Morgan Stanley.
What is striking is that both Tesla and SpaceX are still nowhere close to their respective endgames. The goal of Tesla is to speed up the arrival of sustainability. On the other hand, SpaceX attempts at converting humanity into an interplanetary race.