Tesla targets Facebook, value of shares in striking distance

Tesla Inc. shares rallied on Wednesday, extending a recent advance that has brought the electric-vehicle company’s market value within striking distance of matching Facebook Inc.’s.

File photo of a Tesla electric vehicle being charged.
File photo of a Tesla electric vehicle being charged.

Shares of Tesla rose 4.8%, giving it a market capitalization of more than $730 billion. Facebook declined 2%, taking its valuation to roughly $756 billion.

Also Read : Tesla CEO Elon Musk is the second wealthiest person in the world

Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalization. Apple Inc. is the largest, with a valuation of about $2.2 trillion, while Microsoft Corp., Amazon.com Inc., and Alphabet Inc. all have market caps above $1 trillion.

The Wednesday moves in Tesla and Facebook came after Democrats edged closer to taking control of the Senate, an outcome that was seen as supportive for electric-vehicle companies and a risk for tech given the prospect of new regulation. However, Tesla has been a strong performer for months, soaring more than 740% over the course of 2020.

Facebook rose more than 30% last year, but the stock remains down more than 12% from a peak hit in August.

In terms of S&P 500 stocks, Tesla is trailed by Berkshire Hathaway, which has a valuation of nearly $535 billion.

First Published Date: 07 Jan 2021, 08:49 AM IST
Shopping Bag Shop Now
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Cool Aqua (7.5g)
Rs. 94 Rs. 99
70% OFF
VENO Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable (2 in 1 Vacuum Cleaner)
Rs. 899 Rs. 2,999
2% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Musk After Smoke (7.5g)
Rs. 97 Rs. 99
SHAYONAM Dent Removal Kit - Powerful Car Dent Repair Kit - Suction Cup Dent Puller Handle Lifter and Dent Repair Puller for Car Body Dent, Glass, Tiles and Mirror (Plastic)
Rs. 349

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.