Tesla, without brakes, beats Facebook and ranks fifth Apple also pursues

Elon Musk, CEO of Tesla. AFP=Yonhap News

The market cap of Tesla, an electric vehicle in the US, has surpassed Facebook.

On the 8th (local time), Tesla closed the market at 880.02 dollars (960,000 won), up 7.84% (63.98 dollars) from the battlefield in the US New York stock market.

Tesla’s market capitalization jumped to 834.1 billion dollars (910,8372 billion won) on the back of a surge in stock prices.

Reuters reported that Tesla was the first to surpass $800 billion in market cap, and that Tesla’s stock rally continued, surpassing Facebook and becoming the fifth largest US company by market cap.

Tesla shares rose 11 consecutive trading days until this day.

On the other hand, Facebook ended the market at $267.57 (290,000 won), down 0.44% on the day, and its market capitalization was estimated at $762.1 billion (832 trillion 2132 billion won).

CNBC broadcast reported that Tesla began to pursue the parent company Alphabet, Apple, Microsoft (MS), Amazon and Google after overtaking Facebook.

Apple is currently number one with a market cap of more than $2 trillion, and the market caps of Microsoft, Amazon, and Alphabet exceed $1 trillion.

Tesla’s market capitalization exceeded $100 billion, the first among American automakers in January 2019, and reached a $500 billion mark 10 months later.

Tesla achieved a surplus for five consecutive quarters based on the third quarter of last year, and last year set a record by delivering 490,950 units to customers, close to the target of 500,000 units.

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Tesla’s share price rose more than 700% last year, and even this year, thanks to the outlook for strong earnings, the stock price has received more momentum.

Also, the fact that the Democratic Party of the United States seized and dominated both seats in the Georgia Senate runoff was a boon for Tesla’s stock price rally at the beginning of the year.

However, Michael Burri, CEO of Scion Asset, a famous Wall Street investor who has diagnosed Tesla’s stock price as a bubble, warned that Tesla’s stock price will plunge in line with the “Surprime Mortgage” (non-good mortgage loan) crisis following the collapse of the US real estate bubble in 2008.

Reporter Lee Ji-young [email protected]