Tesla Inc.’s market valuation surpassed that of retail giant Walmart Inc., after a staggering rally in the electric vehicle maker’s shares over the past five months.
The stock, which hit a low of around $ 350 in March, has nearly quintupled since then and is now poised to hit $ 2,000, nearly 10 times the level it was trading at at this time last year. Shares of Tesla rose 6.3% on Thursday, hitting an all-time intraday high of $ 1,997 in New York. The stock has closed at record levels for three of the last four trading days.
The relentless advance led Tesla to split the shares to make them more accessible to individual holders, a move that may boost demand for the shares. On August 31, the stock will begin trading on an adjusted basis divided five by one. Each registered shareholder at the close of business on Friday, August 21, will receive four additional common shares for each one they own.
Tesla’s valuation is currently around $ 370.8 billion, while Walmart is around $ 369.9 billion, according to data from Bloomberg.
Original Note: Tesla Shares Resume March Toward $ 2,000 Ahead of Stock Split