[thegranderson]

As those below mentioned, you have to use TEV here. Based on TSLA Q2 2013 vs. Q1 2019 financials, you end up with a TEV in 2013 of $28.2B vs. today of $44.3B.

The 2013 calc is:

$240/sh * 118mm shares = $28.4B market cap, less $746mm cash, plus $576mm debt = $28.2B TEV

The 2019 calc is:

$204/share * 173mm shares = $35.3B market cap, less $2.2B cash, plus $11.2B debt = $44.3B TEV

For those mentioning subtracting the debt, that's incorrect. A company is capitalized with equity and debt. To buy the whole company, you have to buy both. But when you buy the equity, you get the cash, so you subtract that out, since buying cash isn't relevant. You then have to add the debt, because you have to pay off all the debt to own the company outright.