Tesla overtakes Facebook to become the 5th-most-valuable company in the S&P 500
- Tesla's market capitalization of $767 billion was greater than Facebook's $765 billion, as of Thursday afternoon trades.
- Tesla is already up as much as 15% year-to-date, and the surge in the stock has cemented Musk as the richest man in the world.
- Watch Tesla trade live here.
Tesla's market capitalization of $767 billion edged out Facebook's market value of $765 billion, according to data from Bloomberg.
Shares of Tesla are already up 15% year-to-date thanks in part to the Democrat's sweep of the Georgia Senate run-off elections on Tuesday, which could hasten the upcoming Biden administration's passage of a clean energy bill that would likely benefit the electric vehicle manufacturer.
Thursday's 7% surge in Tesla also helped cement Elon Musk as the richest person in the world, edging out Amazon's Jeff Bezos.
Facebook has dropped 1% in the first full trading week of 2021. Wedbush analyst Daniel Ives said the Georgia election results were a "clear negative" for big tech, as they could face more regulation with Democrats in control of Congress and the executive branch.
Facebook is also under pressure in the aftermath of Wednesday's Capitol takeover by Trump supporters. In a tweet on Wednesday, Musk seemingly blamed the creation of Facebook for the violence in the US Capitol building.
- A boomer moved back to Virginia after living in Florida for a decade. She says she'll 'never own another home' in the Sunshine State and loves the slower pace of life.
- Satellite images reveal Egypt has been quietly building a 16-foot wall on its border with Gaza
- Congressman presses Elon Musk to provide SpaceX satellite services for US defense forces in Taiwan, report says
- 8 Must try foods to try in Andhra Pradesh
- 10 Foods to avoid during fever for a swift recovery
- Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages
- Meet the four astronauts who will steer India's Gaganyaan mission
- Tamil superstar Rajinikanth to collaborate with Sajid Nadiadwala