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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Tesla Tops Facebook To Become Fifth Most Valuable Company

Tesla (NASDAQ: TSLA) surpassed Facebook in terms of market value on Thursday, becoming the fifth most valuable company in the S&P 500 as its shares closed at another all-time high in heavy trading.

Tesla’s stock soared by 8 percent to $816.04 on Thursday, taking the electric vehicle (EV) maker’s market capitalization to $773.52 billion, above Facebook’s (NASDAQ: FB) $765.45 billion.

Thus, Tesla is now the fifth most valuable firm in the S&P 500 index it had joined just weeks ago. There are now only four companies with a market value higher than Tesla’s— Apple, Microsoft, Amazon, and Alphabet.        

On Thursday, the turnover of deals with Tesla shares was higher than the next three most traded companies combined, according to Refinitiv data cited by Reuters.

Also on Thursday, Elon Musk became the richest person in the world after the rally in Tesla shares helped him to surpass the wealth of Amazon’s Jeff Bezos. Musk’s net worth is now estimated at over $188 billion, compared to Bezos’ net worth of ‘just’ $184 billion.

“How strange” and “Well, back to work …” Musk said on Twitter on Thursday, replying to a post that he is now the world’s richest person.

Earlier this month, Tesla announced it had delivered just 450 cars shy of the 500,000 vehicle delivery target in 2020. The total 2020 deliveries of 499,550 vehicles are just 450 lower than the 500,000 target Musk had set—beating analyst expectations.

“In 2020, we produced and delivered half a million vehicles, in line with our most recent guidance. In addition, Model Y production in Shanghai has begun, with deliveries expected to begin shortly,” the EV maker said in a short statement accompanying the Q4 production and vehicle update.

Tesla’s share price has rallied by more than 700 percent since the end of 2019, as the EV maker ramped up production and deliveries, started vehicle production at its Shanghai factory in China, and launched the construction of its factory in Berlin, Germany, and in Austin, Texas.

By Tsvetana Paraskova for Oilprice.com

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