Wednesday , May 31 2023

Tesla’s market value has surpassed Facebook’s for the first time


Shares of Tesla rose to a record high on the Wall Street Stock Exchange on Thursday, with the market value of the electric vehicle manufacturer surpassing Facebook for the first time. Both companies are worth more than $ 700 billion each, Reuters reports, according to Agerpres. Also on the same day, Elon Musk became the richest person in the world, with a fortune of over 185 billion dollars.

Shares of the company led by Elon Musk rose nearly 8% at the end of Thursday’s session to $ 816, bringing its market capitalization to $ 774 billion, while Facebook’s market capitalization stood at $ 765 billion. dollars, after stocks rose about 2%, Refinitive data show.

Thus, Tesla became the fifth most valuable company on Wall Street, after Alphabet, the parent company of Google.

At the same time, the electric vehicle manufacturer is also the most valuable car company in the world, even if its production represents only a fraction of that of rivals, such as Toyota Motor, Volkswagen and General Motors (GM).

Analysts expect Tesla to report net profits of $ 1.2 billion by 2020, while GM and Facebook are expected to report net profits of $ 5.8 billion and $ 27.1 billion, respectively. Refinitive data.

Elon Musk became the richest person in the world on Thursday, with a fortune of over 185 billion dollars. The increase in Musk’s fortune in the last year marks the fastest rise in the top of the list of the richest people in history.

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