{"id":107740,"date":"2021-01-07T22:33:16","date_gmt":"2021-01-07T22:33:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107740"},"modified":"2021-01-07T22:33:16","modified_gmt":"2021-01-07T22:33:16","slug":"teslas-stock-market-value-tops-facebooks-in-huge-trading","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/teslas-stock-market-value-tops-facebooks-in-huge-trading\/","title":{"rendered":"Tesla's stock market value tops Facebook's in huge trading"},"content":{"rendered":"
(Reuters) – Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker\u2019s stock market value exceeding Facebook\u2019s for the first time.<\/p> Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street\u2019s fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook.<\/p>\n Facebook\u2019s stock market value was $765 billion after its shares rose about 2%, according to Refinitiv data.<\/p>\n (GRAPHIC: Tesla’s stock market value tops Facebook – )<\/p>\n Over $39 billion worth of Tesla\u2019s shares were bought and sold during the session, a record for Tesla and more than the next three most traded companies combined, which were Apple , Alibaba Group Holding and Amazon.com.<\/p>\n (GRAPHIC: Tesla dominates Wall Street – )<\/p>\n Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.<\/p>\n Musk surpassed Amazon\u2019s Jeff Bezos to become the world\u2019s richest person, Bloomberg News reported on Thursday.<\/p>\n Tesla\u2019s latest lift came after RBC raised its rating on the stock to \u201csector perform\u201d from \u201cunderperform.\u201d<\/p>\n RBC analyst Joseph Spak said in his research note that he previously underestimated Tesla\u2019s ability to use its soaring stock price to raise capital to fund the company\u2019s expansion.<\/p>\n \u201cWe took a fresh look at the growth opportunity, what we got wrong about TSLA\u2019s positioning and the valuation and conclude that the stock price itself is likely to be somewhat self-fulfilling to TSLA\u2019s growth and strategy,\u201d Spak wrote.<\/p>\n Analysts, on average, expect Tesla to report $1.2 billion in net profits for 2020, compared with $5.8 billion in net profits expected from GM and $27.1 billion in net profits expected from Facebook, according to Refinitiv.<\/p>\n