Tesla Inc TSLA CEO Elon Musk on Monday said that the EV company could exceed the value of all transport companies with the exception of his rocket manufacturing company SpaceX.
What Happened: “With a LOT of work and good ideas, I think it could exceed the value of all transport companies, excluding SpaceX,” Musk said in a post on social media platform X.
The CEO was responding to an X user who noted that the company’s present-day market cap exceeds that of several automakers.
Tesla shares closed up 2.27% on Monday at $430.60. The stock is up by 73.3% year-to-date, thanks to the rally that followed Donald Trump‘s victory in the U.S. Presidential elections last month.
Why It Matters: Tesla has a market cap of 1.382 trillion as of its last close. The company’s American rivals Ford Motor Co F and General Motors GM have a market cap of $39.35 billion and $58 billion respectively as of their previous close.
SpaceX, meanwhile, hit $350 billion valuation after the company and its investors agreed to purchase $1.25 billion of insider shares earlier this month. The new valuation makes SpaceX the most valuable private startup in the world. Its valuation, in fact, trumps the valuation of listed rival Boeing Co. Boeing has a market cap of only $132.94 billion as of last close.
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