Elon Musk, founder of SpaceX and CEO of Tesla Inc., arrives on Tuesday, December 1, 2020, at the Axel Springer Awards Ceremony in Berlin, Germany.
Liesa Johannssen-Koppitz | Bloomberg | Getty Images
Electric vehicle maker Tesla overtook Facebook by capitalizing on the market after the markets opened on Friday.
Tesla shares rose about 5.5% at 9:03 a.m. ET to give it a $ 802.6 billion market cap, while Facebook shares fell. Facebook now has a market cap of about $ 755.8 billion.
The leap makes Elon Musk’s automotive company the fifth largest capitalized benchmark when it comes to Alphabet’s share classes. Now only follow Apple, Microsoft, Amazon and Alphabet.
While the brand is largely symbolic, it signifies Tesla’s dramatic growth in a short period of time. Tesla became the first listed US carmaker worth $ 100 billion in January 2019. Just 10 months later, the company surpassed a $ 500 billion market cap. The stock gained over 700% in 2020.
The company joined the S&P 500 in December, ending a strong year of performance. Led by Musk, Tesla has made five consecutive consecutive quarters. Tesla has delivered 499,550 vehicles this year and is currently building new plants in Austin, Texas and Brandenburg, Germany, among other efforts to increase production and sales volume.
Meanwhile, Facebook shares gained about 32% throughout 2020.
Tesla shares rose this week following a high-profile note from Morgan Stanley analyst Adam Jonas and news of a Democratic majority in the Senate after Georgia’s by-elections.
Among other things, President-elect Joe Biden aims to create 1 million new jobs in the domestic automotive industry, expand electric vehicle charging infrastructure in the US and step up solar and other renewable sources here as part of his energy plan. cleanse. It would seem easier for him to advance these plans with a democratic majority in the Senate. Democrats sealed a majority in the Senate this week following Georgia’s elimination race.
Tesla’s share price rise on Thursday pushed Musk over Jeff Bezos, who had been the richest person since 2017 and is now worth about $ 184 billion. Musk started in 2020 worth about $ 27 billion and was barely among the top 50 richest people.
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