Feb 3, 2020 - Economy

Tesla shares soar, company gains $23 billion in market value

Data: Money.net; Chart: Axios Visuals
Data: Money.net; Chart: Axios Visuals

Tesla shares gained 19.89% on Monday, or over $129 per share, increasing the automaker's market cap by a whopping $23.33 billion.

Driving the news: Panasonic this morning announced that its joint battery-making venture with Tesla turned profitable in the fourth quarter of 2019, although it did not provide specific numbers. A bank analyst also upgraded Tesla today, while one of the company's largest outside shareholders disclosed a slightly increased stake.

Go deeper: Tesla declares 2019 a turning point

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