Tesla has defied all expectations in 2020, minting a market cap of more than $600 billion after an epic stock-market rally.
It was the opening salvo in a battle to take Tesla private. The company had staged a relatively routine IPO in 2010, raising just over $260 million, but by 2013, its stock price began to ascend rapidly as the upstart automaker launched its Model S sedan and Model X SUV. Sometimes, the heart outraces the head, and for Musk — an often emotional leader, the antidote to the steely MBA types who dominate the business world — this was one of those times. He seemed to think he could wrangle enough money out of a significant source of capital, perhaps the Saudi sovereign wealth fund, to buy out Tesla's retail and institutional shareholders.
In the end, it didn't matter. Tesla survived the ordeal. In 2020, the stock went on an epic rally, rising over 700% and minting a market cap that, at more than $600 billion, has made Tesla the world's most valuable automaker. Shares split five-for-one, and by the end of the year, Tesla had joined the S&P 500 Index. With shares trading above $700, that old $420 price looked shortsighted.
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