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Home / Business / Tesla overtakes Facebook to become America’s fifth most valuable company

Tesla overtakes Facebook to become America’s fifth most valuable company



SpaceX founder and CEO of Tesla Inc. Elon Musk will attend the Axel Springer Awards Ceremony in Berlin, Germany on Tuesday, December 1, 2020.

Liesa Johannssen-Koppitz | Bloomberg | Getty Images

After the market opened on Friday, the market value of electric car manufacturer Tesla surpassed Facebook.

As of 9:03 a.m. Eastern Time, Tesla̵

7;s stock price rose by about 5.5%, bringing its market value to $802.6 billion, while Facebook stock fell. Facebook’s current market value is about 755.8 billion US dollars.

This growth makes Elon Musk’s automotive business the fifth-largest company in the large-cap benchmark when calculating Alphabet’s share class. Now, it is second only to Apple, Microsoft, Amazon and Alphabet.

Although the trademark is largely symbolic, it marks the dramatic rise of Tesla in a short period of time. Tesla became the first American automaker with a market value of $100 billion in January 2019. Just 10 months later, Tesla’s market value exceeded $500 billion. The stock has risen by more than 700% in 2020.

The company joined the Standard & Poor’s 500 Index in December, ending its strong performance. Under Musk’s leadership, Tesla has achieved profitability for five consecutive quarters. Tesla delivered 499,550 vehicles a year and is currently working to establish new factories in Austin, Texas and Brandenburg, Germany to expand production and sales.

At the same time, throughout 2020, Facebook’s stock price has risen about 32%.

Morgan Stanley analyst Adam Jonas is very optimistic about the Fed, and after the news that the Senate won a Democratic majority after the Georgia election, Tesla’s stock price rose this week.

Among other things, President-elect Biden’s goal is to create 1 million new jobs in the domestic auto industry, expand the charging infrastructure for electric vehicles in the United States, and ramp up solar and other renewable energy as its clean energy sources. Part of the plan. On the surface, if he promotes these plans with a Democratic majority in the Senate, it will be easier to implement. After the final in Georgia, Democrats sealed a majority in the Senate this week.

The rise in Tesla’s share price on Thursday allowed Musk to surpass Jeff Bezos, who has been the richest man since 2017 and is currently worth approximately $184 billion. By 2020, Musk’s net worth is about 27 billion US dollars, ranking only in the top 50 richest people.

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