Tesla’s stock market value tops Facebook’s huge trade – tech2.org

Tesla’s stock market value tops Facebook’s huge trade


(Reuters) – Tesla shares reached record highs in heavy trading on Thursday, surpassing the electric carmaker’s share market value for the first time in Facebook.

Shares of the Elon Musk-led company jumped nearly 8% to end the session at $ 816, putting its market capitalization at $ 774 billion and making it the fifth-most valuable company on Wall Street, the Google-parent Alphabet Is behind and ahead of Facebook.

According to data from Refinitiv, Facebook’s stock market value was $ 765 billion after its shares rose 2%.

(Graphic: Tesla’s stock market price tops Facebook -)

Tesla shares were bought and sold for more than $ 39 billion during the season, a record for Tesla and jointly compared to the three most traded companies, Apple, Alibaba Group Holding and Amazon.com.

(Graphic: Tesla dominates Wall Street -)

Tesla, despite producing over 700% in the last 12 months, has become the most valuable auto company in the world, a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

Musk on Thursday surpassed Amazon’s Jeff Bezos to become the world’s richest man, Bloomberg News reported.

Tesla’s latest lift moved from “underperform” to “sector performance” after RBC raised its ratings on the stock.

RBC analyst Joseph Spack said in his research note that he previously underestimated Tesla’s ability to use its rising stock price to raise capital for the company’s expansion.

“We revisited the growth opportunity of what we found to be incorrect about TSLA’s positioning and valuation, and concluded that the stock price itself was likely to be somewhat self-sufficient for TSLA’s growth and strategy.”

Analysts say Tesla, on average, expects $ 5.8 billion in net profits expected from GM, and $ 5.8 billion in expected net profits from GM, and $ 27.1 billion from Facebook, according to Refinitive.

Reporting by Noel Randewich, editing by Nick Zieminski and Dan Grebler

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