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Electric car manufacturer Tesla, which is headed by the world’s richest man, Elon Musk, is now valued at 1 Trillion Dollars.

Tesla became the latest US tech giant to hit $1 trillion in market value on Monday as investors cheered a large order from Hertz and waved off criticism from a US auto safety official.

Apple, Microsoft, Amazon, and Google-owner Alphabet are the only company to have reached a $1tn valuation.

Following the jump in its share price, Elon Musk’s 23% stake in the business is worth around $230bn.

Hertz will pay $4.2bn for 100,000 Model 3s over the next 14 months, which amounts to about a fifth of its fleet. The rental firm will also build a network of charging stations.



In a press statement, Hertz’s interim CEO Mark Fields said: “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest. The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America and a commitment to grow our EV fleet and provide the best rental and recharging experience for leisure and business customers around the world.”

Tesla now faces an unsettling day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s when demand exploded for Henry Ford’s Model T. The automaker is trying to cope with an order backlog for its vehicles and extended supply chain disruptions.


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