Last updated on July 25th, 2023 at 04:02 pm
Tesla overtook Facebook to become the fifth largest US company by market value
On Friday, January 8, electric vehicle maker Tesla surpassed Facebook in terms of market capitalization. In the evening in Moscow, Tesla shares gained 5.5%, bringing the company’s market value to $ 802.6 billion, while Facebook shares fell. Facebook currently has a market value of about $ 755.8 billion.
Thanks to this, the car company Elon Musk (pictured above) became the fifth largest in the United States, behind only Apple, Microsoft, Amazon and Alphabet. Remarkably, Tesla took off in a very short period of time. In January 2019, Tesla became the first public car company in the United States with a market value of over $ 100 billion. In just 10 months, its capitalization exceeded the $ 500 billion mark. In 2020, Tesla shares rose more than 700%. By comparison, last year Facebook shares were up about 32%.
Completing a successful year for itself, the company in December joined the S&P 500 – a stock index, which basket includes 505 publicly traded companies with the largest capitalization, traded on the US stock exchanges.
Tesla has been profitable for five consecutive quarters under Musk’s leadership. Tesla delivered 499,550 vehicles last year and is currently building new factories in Austin (USA, Texas) and Brandenburg (Germany, near Berlin), among other things, to increase production and sales.
