Tesla’s market capitalization has surpassed $1 trillion. Here’s how it works.

Tesla’s market, What a roller coaster ride Tesla investors have been on recently. Tesla (NASDAQ: TSLA) joined Alphabet (GOOGL), Microsoft (MSFT), Apple (AAPL), Amazon.com (AMZN), and Facebook (FB) as companies with a market valuation of $1 trillion on Monday.

In afternoon trade, the stock was up 14.6 percent to $1,040.55, boosted by a strong research note from Morgan Stanley analyst Adam Jonas, who lifted his price target to $1,200 from $900. Hertz’s (HTZZ) purchase of Tesla automobiles for rental boosted the stock as well.

Tesla’s market was barely off its intraday high of $1,045 in the early afternoon. Tesla now has a market capitalization of more than $1 trillion, based on the price per share multiplied by the number of shares outstanding.

It’s not straightforward to calculate precise share counts. Share counts fluctuate. Quarterly earnings are calculated using the average number of shares traded during the quarter.

Tesla’s latest quarterly financial report states, “As of October 21, 2021, there were 1,004,264,852 shares of the registrant’s common stock outstanding.”

Based on the day high, Tesla’s market cap was $1,049,456,779,340.

To close above $1 trillion, Tesla shares would have to conclude the day at or above $995.75. Based on where the stock was trading an hour before the closure, it appeared to be a done deal.

For more context, Tesla‘s fully diluted share count is closer to 1.2 billion shares outstanding. This figure includes non-exercised management stock options, which are likely to be based on where the stock is trading.

Tesla’s market valuation is estimated to be around $1.25 trillion based on the approximate diluted share count.

The Tesla stock has been soaring. Over the last three months, the stock has risen by nearly 60%. Over the same time period, the S&P 500 and Dow Jones Industrial Average are up around 4% and 2%, respectively.

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