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Data: Investing.com; Chart: Axios Visuals

Tesla's stock rose to more than $1,000 a share for the very first time Wednesday, lifting its valuation above $190 billion.

Why it matters: Given its pace of growth this year, Tesla is now closing in on car industry leader Toyota's $216 billion, according to the WSJ.

  • The company's market cap has risen by nearly $40 billion in the last month and by $70 billion in the last three months.

What happened: The price jump followed news of an internal memo from CEO Elon Musk that it's "time to go all out" and bring its long-planned semitruck into "volume production."

Of note: Musk's note about Tesla's electric trucks follows a surge in the stock price of electric truck manufacturer Nikola, which has tripled its price since it began trading last week.

  • The jump pushed the company's market cap briefly above both Ford and Fiat Chrysler, despite the fact that Nikola hasn't sold a single vehicle.

Go deeper

Dan Primack, author of Pro Rata
Sep 17, 2020 - Economy & Business

Breaking down Snowflake's massive IPO

Illustration: Sarah Grillo/Axios

Snowflake on Wednesday went public in the largest software IPO of all time, and then kept running like the Energizer Bunny on speed. By the time it was over, the company was worth over $80 billion.

Background: Snowflake was founded in 2012 to build data warehousing and analytics services for other businesses — audaciously seeking to both compete with Amazon while also building on top of it.

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Chaz Neal, a Redwing community activist, outside the Minnesota Governor's residence during a protest in support of George Floyd in St.Paul, Minnesota, on March 6. Photo: Kerem Yucel/AFP via Getty Images

Dozens of protesters were rallying outside the Minnesota governor's mansion in St Paul Saturday, urging justice for George Floyd ahead of former Minneapolis police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start this Monday, with jury selection procedures.