Paul Hennessy/SOPA Images/LightRocket via Getty Images
Shares of Tesla rose 7% on Thursday to close at an all-time high of $2,001.83 per share.
It was the first time that the automaker, led by Elon Musk, crossed the $2,000-per-share threshold, even during a rally that’s sent shares skyrocketing this year. In intraday trading Thursday, Tesla surged as much as 8% to touch $2,021.99 per share before paring some gains.
The rally pushed Tesla’s market capitalization to nearly $372 billion, surpassing the market value of Walmart, worth about $371 billion. Tesla earlier in the year became the most valuable automaker in the world after eclipsing Toyota’s market value.
Read more: MORGAN STANLEY: Buy these 22 stocks that are slashing costs as sales take a hit from COVID-19 — putting them in position to smash the market as the economic recovery continues
Tesla shares have been on a tear this year, fueled by strong vehicle-delivery results, a streak of profitable quarters, and eligibility for inclusion in the popular S&P 500 index.
The company earlier this month announced its first 5-for-1 stock split. At the end of trading on Friday, each shareholder will receive four additional shares for each they own, to be distributed at the end of trading on August 28. Tesla will begin trading on a stock-split-adjusted basis on August 31.
Tesla has surged more than 375% year-to-date.
Read more: Stock market wizard William O’Neil famously turned $5,000 into $200,000 in just a few year’s time. Here’s the 7-part model he uses to sniff out winning stocks.