Musk-run Tesla hit $100-bn market value for first time

San Francisco, Jan 22 (IANS) Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.The milestone came less than a month after Tesla's stock crossed $420 -- a price Musk tweeted last year which put him in much trouble.The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.Tesla is currently valued more than Ford Motor and General Motors combined.Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was "considering taking Tesla private at $420. Funding secured".The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth.
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