Tesla's market cap has exceeded half a trillion dollars, a fivefold increase from the beginning of the year, according to a report in TechCrunch.
Skyrocketing shares in the Palo Alto-based company pushed its market cap to more than $515 billion, putting it closer to the company of tech giants Apple, Microsoft, Amazon, Google and Facebook among the richest in the U.S.
Tesla's stock (TSLA), which was up nearly 5% in early Tuesday trading, has vaulted CEO Elon Musk to the short list of wealthiest people in the world, and as of Tuesday, Musk’s net worth had risen to more than $128 billion, TechCrunch reported. Only Amazon’s Jeff Bezos has a higher worth.
The most recent surge in Tesla stock came on the heels of Musk's announcement that the electric car maker will be added to the S&P 500 index in December.
Tesla currently trades on the Nasdaq.