Shares of Tesla Inc. TSLA, -4.67% rocketed 12.6% in Monday trading, helping the car maker become the seventh-largest U.S. company in terms of market capitalization.
Tesla finished Monday’s session with a valuation of $464.3 billion as it beat out Visa Inc. V, +0.64% for the first time to take over the No. 7 slot, according to Dow Jones Market Data.
Visa ended the day with a valuation of $451.1 billion. Monday’s rally continues a sharp ascent for Tesla’s stock and marks the first day of trading for the shares on a split-adjusted basis.
Tesla announced earlier in August that it would be conducting a five-for-one split of its shares, and the split officially occurred after the close of trading Friday.
Tesla shares have rallied nearly 200% over the past three months and they’re up about 500% on the year. The S&P 500 has risen 15% in a three-month span and 8% so far in 2020.
