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I often write and speak about the extraordinary value of leadership. Leadership is always a central theme of our HMG Live! Summits, which have attracted a large and loyal audience of technology executives who understand the need for elevating their leadership skills. Why do I focus so intently on leadership? The answer is simple: Leadership is the single most defining factor for success in today’s turbulent markets. A prime example is Tesla, which recently exceeded $544 billion in market capitalization.

“Tesla is now more valuable than most major car makers combined,” writes Jack Hough in Barron’s. Essentially, that means Tesla is worth more than “Toyota, Volkswagen, GM, Ford, Fiat Chrysler and its merger partner PSA Group,” writes Clare Duffy of CNN Business.

Tesla’s rise is truly astonishing, and most of the credit deservedly belongs to its legendary co-founder and CEO Elon Musk. Without Musk, there would be no Tesla miracle. It just wouldn’t have happened. You cannot separate Tesla’s success from Musk’s daily presence – what some have described as “omnipresence.” 

Moreover, he isn’t afraid to prepare Tesla for even greater success beyond the automotive market. In his Barron’s article, Hough notes that Tesla’s car business may represent less than half of its potential earnings. Citing Morgan Stanley analyst Adam Jonas, Hough writes that “Tesla will eventually make more profit per vehicle selling network services and insurance than from selling the vehicles themselves. Tesla buyers today can pay thousands extra for full self-driving capability, or to unlock faster acceleration, or to upgrade infotainment systems on older vehicles. There’s talk of a subscription plan for battery charging.”

From my perspective, Tesla is evolving into a company with immense strength and earning power. In other words, it’s becoming more like Apple and less like GM or Ford.

As many of you already know, Tesla will become part of the S&P 500 Index on Dec. 21. Evidently, the S&P 500 committee in charge of making those kinds of decisions wasn’t convinced Tesla’s performance was sustainable. But after the company recorded a series of profitable quarters, the committee apparently changed its mind.

I am convinced that Tesla’s success is the direct result of Musk’s world-class visionary leadership. From my point of view, he’s much more than a savvy entrepreneur – he’s a genuine leader, in the very best sense of the word.