Tesla passes Visa to become seventh-largest U.S. company by market cap

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Shares of Tesla Inc. rocketed 12.6% in Monday trading, helping the car maker become the seventh-largest U.S. company in terms of market capitalization. Tesla finished Monday’s session with a valuation of $464.3 billion as it beat out Visa Inc. for the first time to take over the No. 7 slot, according to Dow Jones Market Data. Visa ended the day with a valuation of $451.1 billion. Monday’s rally continues a sharp ascent for Tesla’s stock and marks the first day of trading for the shares on a split-adjusted basis. Tesla announced earlier in August that it would be conducting a five-for-one split of its shares, and the split officially occurred after the close of trading Friday. Tesla shares have rallied nearly 200% over the past three months and they’re up about 500% on the year. The S&P 500 has risen 15% in a three-month span and 8% so far in 2020.
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