Shares of Tesla Inc. (TSLA) extended its recent rocket ride by surging 6.3% in premarket trading Tuesday, putting them on track to open in record territory well above the $500 mark. The stock had soared 12.6% on Monday ( ) to a record after a 5-for-1 stock split took effect, and wrapped up August with a 74.2% monthly gain. That was the best monthly performance since it ran up 81.1% in May 2013, and the second-best monthly gain since going public in June 2010. The electric vehicle maker also ended August with a market capitalization of $464.3 billion, making it the seventh most valuable U.S. company ( ). That helped propel Tesla Chief Executive Elon Musk to be the world's third richest person, according to the Bloomberg Billionaires Index ( /). Tesla's stock has advanced 1,004.4% over the past 12 months through Monday, while shares of other electric vehicle makers Nio Inc. (NIO) have climbed 565.4% and Workhorse Group Inc. (WKHS) have hiked up 330.2% over the same time. The S&P 500 has gained 19.6% over the past 12 months.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 01, 2020 10:53 ET (14:53 GMT)
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