The share price of the world’s most valuable car company, Tesla, has seen unprecedented growth in 2020, creating so-called ‘Teslanaires’ according a report on the BBC.
With stock rising by more than 700 per cent in the last 12 months, those who have invested in Elon Musk’s company have found themselves sitting on a lucrative share portfolio.
Tesla joined some of the world’s biggest companies on the exclusive S&P 500 index this month, and their inclusion saw stock rise higher as along with Apple, Microsoft and Facebook they become one of the top 10 most valued companies on the index.
The BBC report features some of the companies high profile investors, who have gone on to become multi-millionaires following their Tesla investments. One engineer based in Los Angeles made an investment of $19,000 in 2,500 shares in 2013, and now holds 15,000 shares worth around $10m.
"Tesla is a very polarising stock. It has its fans, many of whom do own Tesla cars, and its fair share of critics, particularly in the financial community, who say the company's shares are overvalued,” Will Rhind from GraniteShares told the bbc.co.uk.
"Investors that bought shares early on, have done very well and some are now millionaires as a result.
"Think about the role Tesla is playing in the transition from fossil fuels to electric power and storage. In that sense, the question for investors today is how do you value the technology of tomorrow?"
While Tesla may be the highest value car company on the stock exchange, many experts expect to see their superiority challenged by more traditional motor manufacturers and even some tech firms such as Apple and Google who are investing in electric vehicle technology.