Tesla overtakes Facebook, becomes 5th-most-valuable company

American electric vehicle and clean energy company based in Palo Alto, California, Tesla‘s market capitalization of $767 billion has edged out social media giant Facebook‘s market value of $765 billion, according to data from Bloomberg, TopNaija reports.

Shares of Tesla are already up 15% year-to-date thanks in part to the Democrat’s sweep of the Georgia Senate run-off elections on Tuesday, which could hasten the upcoming Biden administration’s passage of a clean energy bill that would likely benefit the electric vehicle manufacturer.

Thursday’s 7% surge in Tesla also helped cement Elon Musk as the richest person in the world, edging out Amazon’s Jeff Bezos.

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Facebook has dropped 1% in the first full trading week of 2021. Wedbush analyst Daniel Ives said the Georgia election results were a “clear negative” for big tech, as they could face more regulation with Democrats in control of Congress and the executive branch.

Facebook is also under pressure in the aftermath of Wednesday’s Capitol takeover by Trump supporters. In a tweet on Wednesday, Musk seemingly blamed the creation of Facebook for the violence in the US Capitol building.

The remaining companies in the S&P 500 that are larger than Tesla include Alphabet, Amazon, Microsoft and Apple.