Tesla becomes first American automaker worth $100 billion

Tesla’s market capitalization on Wednesday surpassed the $100 billion mark for the first time an unprecedented milestone for a US automaker that brings CEO Elon Musk a step closer to a major payday. Shares of Musk’s electric-car company  which have more than doubled since October, when it reported a surprise quarterly profit rose 4.1 percent Wednesday, to close at $569.56, leaving it with a valuation of $102.7 billion.

The Wednesday surge carried Tesla past Volkswagen’s $99.4 billion valuation, replacing the German giant in the No. 2 spot worldwide behind Toyota, which is worth $231 billion. General Motors, meanwhile, is currently worth $49.9 billion and Ford is worth $36.3 billion.

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