Tesla market value has surpassed retail behemoth Walmart after an astounding surge in the electric-vehicle maker’s shares over the past five months.
The stock, which touched a low of about $350 in March, has almost quintupled since then and briefly crossed $2,000, nearly 10 times the level it was trading at this time last year. Tesla shares jumped as much as 6.6% on Thursday, reaching a record intraday high. The stock has closed at records on three of the past four trading days.
The relentless rally led Tesla to announce plans to split the stock in order to make it more accessible to individual holders, a move that can drive up demand for the shares. The stock will start trading on the five-for-one split-adjusted basis on Aug. 31. Each stockholder of record by the close of business on Friday, Aug. 21, will receive four additional shares of common stock for each one they currently own.
Tesla’s valuation is currently about $372.5 billion, while Walmart is hovering around $370.8 billion, according to Bloomberg data.