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Tesla's stock popped by +12.66%, giving the company access to the $1 trillion market cap club following Hertz's order.
By Rony Abboud
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Tesla's stock popped by +12.66%, giving the company access to the $1 trillion market cap club, which includes a handful of companies like Apple, Amazon and Microsoft. Shares skyrocketed on news that rental company Hertz has ordered 100,000 Teslas as part of its plan to electrify its fleet. The announcement comes just months after the company was on the brink of bankruptcy.
Tesla’s stock price finished at $1,024.86 per share for a market cap of $1.01 trillion. The surge lifted ETFs with high exposure to Tesla, including Simplify Volt RoboCar Disruption and Tech ETF (20.36% exposure), Consumer Discretionary Select Sector SPDR Fund (20.95% exposure), ARK Autonomous Technology & Robotics ETF (12.88% exposure) and ARK Innovation ETF (11.15% exposure), which gained +9.43%, +2.48%, +2.94% and +3.45% respectively.
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