Tesla Eyes Another Milestone as Valuation Nears Facebook’s

Tesla Inc. shares rallied on Wednesday, extending a recent advance that has brought the electric-vehicle company’s market value within striking distance of matching Facebook Inc.’s.

Shares of Tesla rose 4.8%, giving it a market capitalization of more than $730 billion. Facebook declined 2%, taking its valuation to roughly $756 billion.

Tesla currently stands as the sixth-largest stock in the S&P 500 in terms of its market capitalization. Apple Inc. is the largest, with a valuation of about $2.2 trillion, while Microsoft Corp., Amazon.com Inc., and Alphabet Inc. all have market caps above $1 trillion.

Tesla Eyes Another Milestone as Valuation Nears Facebook’s

The Wednesday moves in Tesla and Facebook came after Democrats edged closer to taking control of the Senate, an outcome that was seen as supportive for electric-vehicle companies and a risk for tech given the prospect of new regulation. However, Tesla has been a strong performer for months, soaring more than 740% over the course of 2020.

Facebook rose more than 30% last year, but the stock remains down more than 12% from a peak hit in August.

In terms of S&P 500 stocks, Tesla is trailed by Berkshire Hathaway, which has a valuation of nearly $535 billion.

©2021 Bloomberg L.P.

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