Tech

Tesla nears top 10 global stocks with market cap surge

Tesla Inc. ($TSLA) is making significant strides towards re-entering the list of the top 10 largest stocks by market capitalisation.

Currently, Tesla’s market cap stands at approximately $720.53 billion, placing it just under $100 billion away from the tenth spot on the global rankings, currently held by Eli Lilly at $795.28 billion.

Tesla’s recent surge can be attributed to several factors, including robust vehicle delivery numbers and the continuous expansion of its energy generation and storage segment.

In the second quarter of 2024, Tesla achieved record deliveries, bolstering investor confidence and driving the stock price upward.

Also read: Tesla stock soars on positive expectations for Q2 delivery figures

Additionally, the company’s advancements in AI and robotics, particularly with the development of the Tesla Bot and the anticipated rollout of its autonomous driving features, have further fuelled optimism among investors.

Market analysts suggest that if Tesla maintains its current growth trajectory and continues to innovate, it could soon surpass the $800 billion mark.

The company’s strong performance in the EV market, coupled with its ventures into energy solutions and AI, positions it well to rejoin the top 10 list.

Samuel Bolaji

Samuel Bolaji holds a Master of Letters in Publishing Studies from the University of Stirling, Scotland, United Kingdom, and a Bachelor of Arts in English from the University of Lagos, Nigeria. He is an experienced researcher, multimedia journalist, writer, and Editor. He is currently the Editor of Arbiterz.

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