Elon Musk’s electric car business exceeds the value of almost every company in the S&P 500, including some iconic American companies.
That makes Tesla the most valuable auto company on the planet, ahead of Toyota (TM). Tesla has also passed the market caps of Dow components Coca-Cola (KO), Disney (DIS), Cisco (CSCO), Merck (MRK) and Exxon Mobil (XOM).
Now there are only 19 companies in the S&P 500 worth more than Tesla. One of them is CNN owner AT&T (T). Tesla is also worth more than PayPal (PYPL) – a company that was formed from the merger of another payments company co-founded by Musk.
Optimism about electric vehicles isn’t limited to Tesla.
Shares of electric truck maker Nikola have soared since the company went public in June through a merger with an existing publicly traded blank check company. Nikola is now worth nearly $25 billion, more than Ford (F).