Hyperdrive
Tesla Surges Past $100 Billion Market Value, Eclipsing VW
- VW sold almost 30 times as many cars last year as Musk
- CEO may be in store for $346 million award if rally sustained
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Tesla Inc.’s market value has climbed above Volkswagen AG’s for the first time to more than $100 billion, a threshold that will trigger a huge payout for Elon Musk if he can sustain the feat for months.
The electric-car maker’s shares soared as much as 8.6% on Wednesday to a new intraday high of $594.50. At that price, Tesla’s market capitalization was roughly $107.2 billion, exceeding Volkswagen’s $99.4 billion and trailing only Toyota Motor Corp.