Tesla’s market value overtakes Ford

Tesla’s stock has surged to a record high, overtaking Ford by more than $3 billion, reported Bloomberg.

At the close of trading on Monday evening, Tesla reached a market capitalisation of $48.7 billion, compared to Ford’s $45.6 billion.

This puts Elon Musk’s car company within striking distance of General Motors, which boasted a market capitalisation of $51.2 billion at the close of trading.

Speaking to the New York Times, Kelley Blue Book senior editor Karl Brauer said Tesla’s growth is due to its potential for rapid growth.

“Investors want something that is going to go up in orders of magnitude in six months to six years, and Tesla is that story,” he said.

“Nobody thinks Ford or G.M. is going to do that.”

Following the surge, Musk poked fun at short sellers who targeted the company.

Now read: Elon Musk launches Neuralink to link brains to computers

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Tesla’s market value overtakes Ford