Tesla crosses $1 trillion valuation for the first time

Elon Musk, who has a 23% stake in the company, is now worth over $230 billion.

American electric car manufacturer, Tesla has become the latest company to cross the $1 trillion valuation.

The firm's stocks rose by 12.7% recently, post the announcement from Hertz to purchase 100,000 (1 lakh) Tesla vehicles for its own car rental business.

The company has purchased the huge fleet of Model 3s for $4.2 billion, which it will pay over the next 14 months. The order is the single largest car rental order for electric vehicles. Hertz has stated that the company will build a network of charging stations as well.

With the rise in Tesla's stock prices, Elon Musk, who has a 23% stake in the company, is now worth over $230 billion.

Tesla now joins the likes of Alphabet, Apple, Amazon and Microsoft to cross the $1 trillion valuation.

Source: Reuters