Tesla drives past Facebook with $800 billion market value

Tesla's market cap is nearing $1 trillion

Tesla rolled over Facebook on Friday to become the 5th largest U.S. company for the first time.

TickerSecurityLastChangeChange %
TSLATESLA, INC.563.00-34.95-5.84%

Elon Musk’s electric vehicle maker’s market value closed at  $834 billion, compared to Facebook’s $643 billion, as compiled by Dow Jones Market Data Group.

TickerSecurityLastChangeChange %
FBFACEBOOK, INC.255.31-8.97-3.39%

This year alone, in just five trading days, the company has added over $100 billion in market cap, driving its value to an all-time high. The stock has risen for 12 straight trading days, the longest winning streak on record rising 24.7% for the week.

It rounds out the top five joining Apple, Microsoft, Amazon and Alphabet.

TickerSecurityLastChangeChange %
AAPLAPPLE, INC.116.36-5.06-4.17%
MSFTMICROSOFT CORP.227.39-4.21-1.82%
AMZNAMAZON.COM, INC.2,951.95-48.51-1.62%
GOOGLALPHABET, INC.2,007.50-89.57-4.27%

The Democratic sweep of the Senate following the Georgia runoffs are considered a tailwind for Tesla and others.

“We believe a doubling down on EV tax credits and further consumer incentives and government initiatives around the EV sector will be on the horizon which is a major positive for Tesla, GM, Fisker, and other auto players/EV supply chain” including Quantum Scape wrote Dan Ives of Wedbush.

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Tesla’s rising stock catapulted Musk to the title of ‘World’s Richest’ unseating Amazon founder Jeff Bezos, with a net worth of over $184 billion.

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While Tesla’s red hot gains continue from 2020, they also come as Mark Zuckerberg’s Facebook faces some scrutiny for the banning of President Trump’s accounts, including Instagram, “indefinitely” following the storming of Capitol Hill.

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Musk, earlier this week, took a swipe at Facebook for its origin, suggesting it played a role in the Capitol Hill riots.

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Spokespeople for Musk and Zuckerberg did not respond to FOX Business’ request for comment on the dig.