Fast-rising electric vehicle company, Tesla recently surpassed Facebook by market capitalization at the most recent trading session.
Tesla stock rallied more than 7%, bringing its market value to $834 billion. Facebook, meanwhile, closed at a market capitalization of $762 billion
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Such surge places Elon Musk’s automobile company as the fifth-biggest company in the U.S stock market index when considering the share classes of Alphabet. It is now just behind Apple, Microsoft, Amazon, and Alphabet.
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What you should know:
- About a fifth of the car company’s shares is presently owned by the Chief Executive, Elon Musk, and other insiders.
- Elon Musk is now worth $209 billion. It’s important to note that the fastest rising billionaire keeps 8.9% of his wealth ($18.7 billion) in private assets and most of his wealth comes from Tesla, the most valuable car company which he founded over a decade ago.
- Elon Musk’s Tesla holdings are presently worth $150 billion.
- Stock experts anticipate a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments at least for the next few years.
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The electric car maker shares gained nearly 25% this week, far outperforming the S&P 500 and Dow Jones Industrial Average, which rallied by 1.8% and 1.6% for the week, respectively.
Tesla’s stock was in part helped by recent reports revealing the Democrats will gain control of the U.S. Senate after runoff elections in Georgia some days back.
Tesla has gained more than 24,000% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.