Wall Street

Tesla is the 5th most expensive US firm, overtaking Facebook

Electric car company Tesla overtook Facebook by market value on Friday, as Tesla stock closed with a 7% growth, bringing its market value to $820 billion, while Facebook ended Friday with a market value of $763 billion.

This rise made the company of billionaire Elon Musk the fifth largest company in the index of major companies, considering the shares of Alphabet in one place, and Tesla now has the following companies only ahead: AppleMicrosoftAmazonAlphabet.

Although the index is tenuous, it highlights Tesla’s gradual rise in a short period, as it became the first American automaker listed on the inch with a value of 100 billion dollars in January 2019, and after only 10 months, its market value exceeded $ 500 billion, and the company’s stock enjoyed a growth of 700% in 2020, and Tesla ended the year of outstanding performance by joining the S&P 500 index last December, while Facebook’s stock enjoyed a growth of only 32% during the year 2020.

Under Musk’s management, Tesla achieved five consecutive profitable quarters and sold 499,550 vehicles in 2020, and the company is currently building new plants in Austin, Texas, Brandenburg and Germany, in addition to several efforts to increase production and sales.

Tesla’s stock rally on Thursday pushed Elon Musk to overtake Jeff Bezos, who has been the world’s richest man since 2017 and who currently has an estimated fortune of $184 billion, musk started 2020 with a fortune of $27 billion and was barely ranked among the 50 richest men in the world.

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