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Welcome to the club

The trillion-dollar club 💵 has a new member – it is Tesla! Elon Musk’s net worth is greater than Nike now.

Wow! What made this happen?

#1 We got a big order

Hertz, a car rental company, ordered 100,000 cars from Tesla as part of a plan to turn a significant part of its rental-car fleet into EVs. 

  • We’re coming back 🚘 This is Hertz’s first big move after filing for bankruptcy last year due to the pandemic causing a sharp drop in car bookings.
  • It’s also the single-largest purchase of EV in history. This will bring Tesla USD 4.2 bln in revenue and take 10% of its production capacity.

Tesla will be available in Hertz’s fleet starting this November in parts of the US and Europe.

#2 Yay!! No. 1 in Europe! 🎉

For September, Tesla’s Model 3 was the top-selling car in Europe – the first time an EV has ever been the best-selling car. This came as a result of the European government’s purchase incentives. EV and hybrid cars now account for 23% of the market, nearly 2x from 2020.

Investors liked it! 

News from both events has sent Tesla shares soaring 13% on Monday 📈, the biggest one-day move in eight months, and making Tesla’s market cap surpassing USD 1 trillion. 

Who else is in? Apple, Microsoft, Google, and Amazon…Facebook was once in the club but is no longer part of it after its stock fell in recent months.

  • Plus, Tesla is the 2nd fastest to reach the milestone – 11 years since establishment. Only Facebook is faster… but it’s out now.

Ugh? That’s strange 🤔 Instead, Elon Musk thought the positive reaction to Hertz’s order was strange. He sees the production ramp as a big problem for Tesla, but not demand.

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