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January 08, 2021 Electric vehicle maker Tesla has overtaken Facebook by market capitalization.
Tesla's stock was up roughly 5.5% to a market cap of $ 802.6 billion, while Facebook's stock fell to a market cap of around $ 755.8 billion.
The leap makes Elon Musk's auto firm the fifth largest company in the large-cap benchmark, preceded only by Apple, Microsoft, Amazon and Alphabet.
Tesla became the first $ 100 billion US automaker to go public in January 2019. Just 10 months later, the company surpassed its market capitalization of $ 500 billion, while its shares gained more than 700% in the 2020.
Tesla's shares rose this week following a bullish note from Morgan Stanley analyst Adam Jonas who yesterday led founder Elon Musk to become the richest man in the world by dethroning Jeff Bezos.
The company joined the S&P 500 in December, ending a year full of performance.
At current values, equal to 778% more than a year ago, Tesla is worth almost 7 times FCA, GM (61.1 billion) and Ford (35.2 billion) combined.