Among the companies reporting earnings, few will be watched as closely as Tesla, whose stock has quadrupled since hitting a March low, rising to a mind-boggling market value of $290 billion, surpassing the market cap of every other automaker in the world, and making it the 15th largest company in the S&P500 index, if it was in the index that is.
According to the LA Times, that surge makes Tesla the world’s highest valued car company — if far from the largest. Of the 90 million cars sold around the world in 2019 Tesla sold 367,000. Take the two top-selling carmakers in the world, Toyota and Volkswagen, toss in Ford; the stock market still values Tesla higher than all three combined.
In recent weeks, Tesla has also become a retail daytrading favorite with the number of Robinhood accounts holding Tesla shares rising to an all-time high of 496,890, making Tesla the second-most popular stock on the platform over the last 24 hours, and the 19th-most popular stock over the last 7 days. This flood of new retail money has certainly helped send the stock surging, although many have speculated that gamma manipulation in TSLA options has been critical to facilitate the recent surge.