Tesla market value crosses $800 billion for the first time

[F-22Raptor]

(Reuters) - Shares of Tesla Inc jumped 4.9% on Friday, taking the electric-car maker’s market capitalization to more than $800 billion for the first time ever.

In the previous session, its market value crossed $774 billion, making Tesla Wall Street’s fifth most valuable company, just behind Google-parent Alphabet Inc and ahead of social media giant Facebook Inc.

Its shares, which surged more than eight times last year, had closed up nearly 8% on Thursday.

https://www.reuters.com/article/tes...-800-billion-for-the-first-time-idUSL4N2JJ2Z2

 

[Ray02589]

Tesla's stock is overpriced and will remain that way for quite some time. A huge portion of Tesla retail investors are in for the long term and "true believers" of Musk, the company, and his overall vision. Since many have already seen major profits they can afford to hold on and wait it out even if the stock falls sharply which further reduces selling pressure. So even at this insane price the stock has some buyers but very few sellers.