Tesla eyes another milestone as valuation nears Facebook’s | Tech News

Tesla eyes another milestone as valuation nears Facebook’s

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.

By:BLOOMBERG
| Updated on: Aug 21 2022, 14:01 IST
Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalisation.
Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalisation. (AFP)
Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalisation.
Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalisation. (AFP)

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

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.

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

Also Read: Tesla 2020 deliveries beat estimates, but fall just short of Musk's target

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.

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First Published Date: 07 Jan, 18:56 IST
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