Tesla overtakes Volkswagen as the world’s second most valuable car maker after a dramatic rise in share price pushed its market value to more than $100bn.
Tesla’s share price has more than doubled since October, when the firm reported a rare quarterly profit. Shares rose 4% on Wednesday, making its valuation second only to Toyota whose stock market valuation is more than $230bn.
Volkswagen delivered almost 11 million vehicles last year, while Toyota sold more than 9 million in the first 11 months of 2019.
If Tesla sustains the $100bn valuation, it could unlock the first piece of a $2.6bn compensation package for Mr Musk.
The plans calls for Mr Musk to receive payouts in shares over 10 years, with the first award contingent on the firm reaching $100bn in market capitalization and sustaining that value over both a month, and six-month average.