An order for 100,000 electric vehicles from Tesla pushed the carmaker's market capitalization to over $1 trillion – more than the next nine most valuable listed carmakers combined.
Hertz will have the largest electric vehicle (EV) rental fleet in North America after purchasing 100,000 Tesla Model 3s in a deal worth $4.2 billion. The vehicle rental firm will also install "thousands" of EV chargers throughout its location network. The move means 20 percent of the company's rental fleet will be battery-powered by the end of 2022.
Tesla shares surged more than 12% and added almost $118 billion to the company's market capitalization following the announcement by Hertz. The milestone is an enormous achievement for Tesla that places it in an elite group of companies, including Google parent Alphabet and Amazon. However, it still trails Apple's and Microsoft's $2-trillion-plus market caps.
According to the Bloomberg Billionaires Index, Tesla's stock surge made chief Executive Officer Elon Musk the richest man on Earth, boosting his net worth by $36.2 billion to $288.6 billion.
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