FX.co ★ Tesla stock reaches $420 per share

Elon Musk kept his word and Tesla’s stock breached $420 per share by the end of the year. Eighteen month ago, as a result of his controversial tweets, Musk had to step down as Tesla’s chairman. Moreover, the company’s stock dropped to $170 per share from $390. Back then, even Musk’s most loyal fans objectively doubted that the company’s shares would reach $420 on time. However, the exchange statistics proved that Musk was right. The stock of the electric car manufacturer surpassed $422 per share and its market cap exceeded more than $75 bln. The company was able to reach the target as a result of hard work. Tesla showed great quarterly results. Moreover, the third quarter of 2019 turned out to be historically profitable. Meanwhile, the launch of a factory in China ahead of schedule boosted the growth of the company’s stock value. In November, Musk announced that Tesla also intended to build another facility in Germany and had already agreed on a land acquisition contract. Overall, electric cars get more popular suggesting positive outlook for Tesla.