Tesla CEO Elon Musk

Electric car maker Tesla’s market cap crosses $800 billion

On Friday, Tesla Inc shares soared as much as 5.6 percent, bringing the market capitalization of the electric-car producer to more than $800 billion for the first time ever and inching closer to the trillion dollar club.

Bloomberg News reported on Thursday that Tesla’s stratospheric rally helped CEO Elon Musk overtake Amazon Inc’s top boss, Jeff Bezos, to become the richest man in the world.

Musk’s 21 percent stake in the automaker, as per Forbes, adds more than $170 billion to its net worth at today’s session high, dwarfing the total market capitalization of the three Detroit automakers, General Motors, Ford Motor Co and Fiat Chrysler Automobiles.

Tesla’s market cap hit $774 billion in the previous session, making it the fifth most successful firm on Wall Street, only behind Google’s parent Alphabet Inc and ahead of the social media giant Facebook Inc.

The fortunes of the firm are an exception as the 17-year-old automaker has production that is only a fraction of major sales rivals such as Toyota Motor, Volkswagen and General Motors.