Tesla’s stock keeps rising, after soaring 74% in August for biggest monthly gain in 7 years

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Shares of Tesla Inc. extended its recent rocket ride by surging 6.3% in premarket trading Tuesday, putting them on track to open in record territory well above the $500 mark. The stock had soared 12.6% on Monday to a record after a 5-for-1 stock split took effect, and wrapped up August with a 74.2% monthly gain. That was the best monthly performance since it ran up 81.1% in May 2013, and the second-best monthly gain since going public in June 2010. The electric vehicle maker also ended August with a market capitalization of $464.3 billion, making it the seventh most valuable U.S. company. That helped propel Tesla Chief Executive Elon Musk to be the world’s third richest person, according to the Bloomberg Billionaires Index. Tesla’s stock has advanced 1,004.4% over the past 12 months through Monday, while shares of other electric vehicle makers Nio Inc. have climbed 565.4% and Workhorse Group Inc. have hiked up 330.2% over the same time. The S&P 500 has gained 19.6% over the past 12 months.
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