Shares of Elon Musk’s electric-car maker continue their ascent
By Tim Higgins | The Wall Street Journal
The Motor City has fallen to Silicon Valley.
Tesla Inc. TSLA +2.71% on Monday became the largest U.S. auto maker by market value, overtaking General Motors Co. GM +1.05% —a feat that would have seemed highly improbable 13 years ago when the electric-car maker first began tinkering with the idea of making a sports car.
Shares of Palo Alto, Calif.-based Tesla rose as high as $313.73 during Monday morning trading, pushing the company’s market capitalization to $51.17 billion. That eclipsed Detroit-based GM’s $51.1 billion, based on its highest point in early trading. Ford Motor Co. F +0.98% , meanwhile, was valued at $45.1 billion.