Tesla has crossed the $100 billion stock market evaluation, becoming the first US car manufacturing company to hit the mark.
This comes as a great sign even as the company’s CEO, Elon Musk inches closer to earning the first $346 million tranche of options in a record-breaking pay package.
According to Reuters, the $100 billion valuation stays for both a one-month and six-month average, then it will trigger the vesting of the first of 12 tranches of options granted to Musk to buy Tesla stock.
The company’s shares were last up 1.4% at $555 after the bell, building on a 7.2% gain during trading when brokerage New Street Research raised its price target to $800.
Tesla is an American automotive and energy company based in Palo Alto, California. The company specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing. It operates multiple production and assembly plants, such as Gigafactory near Reno, Nevada, and its main vehicle manufacturing facility at Tesla Factory in Fremont, California.