DETROIT (AP) In the middle of last year, Tesla s losses were piling up, sales weren t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn t be able to pay its bills and would have to be restructured financially.
Since then, the electric car and solar panel maker s shares have skyrocketed, rising about 700% this year alone. Monday morning it joined the prestigious S&P 500 index with a market value of over $600 billion. It s the largest addition in the history of the index.
Tesla s rise to become the world s most valuable automaker and rank among the top 10 biggest U.S. companies is a surprising accomplishment considering that the company lost $1.1 billion in the first half of 2019. The increase is so stunning that even CEO Elon Musk has said the shares are overpriced.
Tesla has to prove itself as a business, not as a stock market phenomenon
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High-flying Tesla stock takes a hit on 1st day in S&P 500
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