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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.

2 hours ago - Politics & Policy

Group of 20 bipartisan senators back $1.2T infrastructure framework

U.S. Senate Majority Leader Chuck Schumer (D-NY) arrives for a meeting with Senate Budget Committee Democrats in the Mansfield Room at the U.S. Capitol building on June 16, 2021 in Washington, DC. The Majority Leader and Democrats on the Senate Budget Committee are meeting to discuss how to move forward with the Biden Administrations budget proposal. Photo: Samuel Corum / Getty Images

A group of 10 Democratic and 10 Republican senators (the "G20") tasked with negotiating an infrastructure deal with the White House has released a statement in support of a $1.2 trillion framework.

Why it matters: Details regarding the plan have not yet been released, but getting 10 Republicans on board means the bill could get the necessary 60 votes to pass.

DOJ drops criminal probe, civil lawsuit against John Bolton over Trump book

Photo: Jabin Botsford/The Washington Post via Getty Images)

The Justice Department has closed its criminal investigation into whether President Trump's former national security adviser John Bolton disclosed classified information with his tell-all memoir, “The Room Where it Happened," according to a source with direct knowledge.

Why it matters: The move comes a year after the Trump administration tried to silence Bolton by suing him in federal court, claiming he breached his contract by failing to complete a pre-publication review for classified information. Prosecutors indicated they had reached a settlement with Bolton to drop the lawsuit in a filing on Wednesday.