Published 20:13 IST, January 8th 2021

Tesla's stock market value surpasses Facebook's to become 5th most valuable company in S&P

According to NASDAQ composite's market index, Tesla's market shares value hit $774 billion as it gained $40 billion, in an 8 percent record jump on Friday.

Reported by: Zaini Majeed
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On January 7, Elon Musk's electric automobile company Tesla surpassed Mark Zuckerberg's Facebook stock market value exceeding market cap of $700 billion. According to NASDAQ composite's market index, Tesla's market shares value hit $774 billion as it gained $40 billion, in an estimated 8 per cent record jump Friday, becoming Wall Street's fifth most valued firm in  S&P 500 index. Tesla or TSLA's share price increase comes as automobile company pulled record deliveries in fourth quarter of 2020, a total of 189,750 EVs in 4th quarter for a total of 499,550 in 2020, only trailing by 500,000 in its overall target. 

Morgan Stanley analyst Adam Jonas told Investors' report that with an analysis of Tesla's soaring stock prices, which surpassed social media giant Facebook, it can be said that Elon Musk owned firm Tesla can outperform vs. Morgan sector in 2021. However, Jones cautioned that Apple's rumoured entry into market could be a setback for Tesla's stocks. According to MarketSmith chart analysis, Tesla's stock points rose to a whopping 774 for first time ever, surpassing well past company's 466 buy point.

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In an interview with Investors, Jonas informed that Tesla's stock market price hike can be attributed to firm's zero entanglements with environmental liabilities that burden its legacy competition. Moreover, he added that Tesla's strategic model for selling is capable of generating revenue faster as automobile firm will hit 5.2 million units sale by 2030, a 27 percent jump from trend seen in 2021. 

Read: Elon Musk Close To Surpassing Amazon's Jeff Bezos As World's Richest Person

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Read: Elon Musk Overtakes Amazon's Jeff Bezos To Become World's Richest Person

Elon Musk becomes world's richest man 

Musk overtook Amazon CEO Jeff Bezos and  Microsoft billionaire Bill Gates as world’s richest person this week, according to  Bloomberg Billionaire Index, net worth of more than $188.5 billion (£136bn), approximately $1.5 billion more than Bezos. This came as Tesla reported $42 billion of gains and his Autocar manufacturer company soared 7.4 per cent at a record high of $811.61 in share market. Musk who co-founded US payments company PayPal w leads some of most futuristic firms across globe that contributed to his success, including his recent NASA projects. 

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Read: Elon Musk's Tweet About 'Signal' Inspires Hilarious Memes And Responses; See Here

Read: What Is Signal App And Why Is Elon Musk Recommending It? Find Out

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20:13 IST, January 8th 2021