Tesla Hits $1 Trillion, Market Cap

Tesla hits a $1 trillion market cap for the first time after Hertz says "it will buy 100,000 electric vehicles."

Apple, Amazon, and Microsoft are among the organisations with trillion-dollar market caps, and now Elon Musk's Tesla has joined the list.

Tesla hit a $1 trillion market cap for the first time after Hertz said Monday it would buy 100,000 electric vehicles.

News of the deal brought Tesla's stock to a new record high just one trading day after the shares topped $900.

The deal came more than a year after Hertz filed for bankruptcy protection during the height of the coronavirus pandemic, as demand for travel and rental vehicles dropped.

Tesla CEO Elon Musk celebrated the milestone on Twitter a minute before market close.

Bloomberg reported that the cars are slated for delivery within the next 14 months and will be available to customers in the U.S. and parts of Europe as early as November 2022.