Elon Musk’s $3.6 billion investment into electric car maker Tesla Motors Inc. has catapulted the maker of the Model S sedan to a $1 billion valuation, a valuation that puts it within spitting distance of overtaking General Motors Co. as the world’s most valuable company.
The stock is up 7.7% in afternoon trading Wednesday after the company’s shares jumped more than 7% in the early hours of Tuesday.
The stock was up more than 3% for the day in its best day of trading since early March.
Tesla shares have soared more than 100% this year and have gained nearly 3,000% in value over the last decade.
Tesla shares jumped about 13% on Tuesday, and the stock has climbed more than 6,500% over the past decade.