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Tesla hits $1 trillion market cap, makes biggest electric car sale to date

Tesla stock capped at $1 trillion for the first time after a sale of 100,000 electric cars. (Tesla)

Tesla is officially in with the big guns.

After Hertz Global Holdings Inc. placed an order of 100,000 Teslas—the biggest single electric car purchase ever—Tesla officially hit the $1 trillion market cap for the first time.

The trillion-dollar club has some big names, including Apple, Facebook and Amazon. With the purchase, Tesla's stock shot up to more than $1,045 a share by midday Monday, a new record after topping $900 a share just a day earlier.

The $4.2 billion deal is the biggest purchase of electric vehicles to date. Hertz said it will use the Teslas to round out their fleet of electric rental cars by 2022 just months after filing for bankruptcy protection.

The news came just days after Tesla followed its leader, CEO Elon Musk, and relocated its headquarters to Austin. Austin's Giga Texas plant, which is currently finishing construction, is set to begin producing Cybertruck models at the end of 2022 and will begin "volume production" by 2023, Musk said in the meeting.

Musk celebrated the stock market victory on Twitter.

Shortly after moving to Austin, Tesla saw its best quarter yet with Q3 revenue coming in at $13.76 billion—up from $8.77 billion this time last year. It was the electric car companies' ninth straight profitable quarter.

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