Tesla Inc TSLA and SpaceX CEO Elon Musk reacted to a post on social media, which made reference to the two companies’ worth now being over $500 billion.
What Happened: “Wild times!” said Musk to the Twitter user and magician Aaron Levie who made a reference to Musk’s achievements on earth and in space.
Wild times!
— Elon Musk (@elonmusk) November 20, 2020
Levie also asked the Tesla CEO when he would solve time travel but received an answer from actor and venture capitalist Ashton Kutcher who said “I got that one.”
Why It Matters: Tesla shares have soared nearly 497% this year so far taking the company’s market capitalization to $594.36 billion.
The electric vehicle maker's market cap is now equal to the combined market cap of all the legacy auto industry,.
In August, SpaceX was valued at $46 billion, which included the $1.9 billion capital the company raised at the time. Morgan Stanley has doubled the valuation of the unlisted company to over $100 billion, as of last month, reported Forbes.
The recent announcement that Tesla would be included in the S&P 500 index has made Musk the third-richest person in the world ahead of Facebook Inc FB CEO Mark Zuckerberg, according to Business Insider.
Price Action: Tesla shares closed 2.6% higher at $499.27 on Thursday and fell 1.26% in the after-hours session.
Photo courtesy: JD Lasica via Flickr
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