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It’s a bird… it’s a plane… no, it’s Tesla stock!INTL

It’s a bird… it’s a plane… no, it’s Tesla stock!

On Friday, shares of electric vehicle-maker Tesla (TSLA) rocketed up by 7.84%. The rally drove Tesla’s market cap up to USD 820b, officially surpassing Facebook’s (FB) market cap of USD 763b. What is behind Tesla’s meteoric start to 2021? Tesla ended 2020 by posting its fifth consecutive quarter of profitability.

Tesla has now become the fifth-largest company in the world, trailing just behind Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Google (GOOG).

If that fact wasn’t enough to make Elon Musk’s day, the founder and CEO’s newfound status as the world’s richest man certainly must have. Musk owns 193.3m shares of Tesla, which amounts to 20.7% of the company. Musk’s reaction to the news? A tweet stating “How strange”, followed up by another stating “Well, back to work.” How characteristic of the charismatic super genius…

why it matters
Who doesn't want to earn the title of "richest man in the world", let alone build a highly profitable company? The success of Elon Musk as an entrepreneur and Tesla as his brain-child will surely inspire a line up of entrepreneurs in the future, particularly in the electric vehicles space. Heck, even industry titans have set their attention towards taking a share of the growing electric vehicle market.