Tesla TSLA Becomes Sixth-Largest U.S. Company Surpassing Berkshire Hathaway as Company Sets up for Record Q4 & 2020

Tesla TSLA Becomes Sixth-Largest U.S. Company Surpassing Berkshire Hathaway as Company Sets up for Record Q4 & 2020

Tesla TSLA surpassed the market value of Berkshire Hathaway Inc. on Friday to become the sixth-largest US company by market capitalization.

On November 27, shares closed at $585.76, which equates a market cap of $555.24 billion. Meanwhile, Berkshire Hathaway, led by Warren Buffett, ended the day with a $543 billion market cap. Thus, Tesla ousted them from the 6th position and moved them to the 7th.

Tesla shares have entered another rally ahead of the company's inclusion in the S&P 500, due on December 21.

As recently as last year, many analysts and critics argued that Tesla would not live to see 2020 and would become insolvent. However, the company is showing solid growth, having completed five profitable quarters in a row. Every month, the company's share price renews highs, adding to Tesla's market value. Despite colossal spending on the construction of new plants and on the production of new models, Q4 2020 promises to also become profitable, with likely yet a new record for the number of deliveries.

Source: MarketWatch

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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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