Tesla closes day as fifth most valuable U.S. company, passing Facebook – CNBC

Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020.

Liesa Johannssen-Koppitz Bloomberg Getty Images

Electric vehicle maker Tesla surpassed Facebook by market capitalization on Friday.

Tesla stock closed up more than 7%, bringing its market cap to $820 billion. Facebook, meanwhile, closed the day with a $763 billion market cap.

The rise makes Elon Musk’s automotive venture the fifth-biggest company in the large-cap benchmark when counting the share classes of Alphabet together. It now just trails Apple, Microsoft, Amazon and Alphabet.

While the mark is largely symbolic, it signifies Tesla’s dramatic rise over just a short period of time. Tesla became the first $100 billion publicly listed U.S. carmaker in January 2019. Just 10 months later, the company surpassed a $500 billion market cap. The stock gained more than 700% in 2020.

Tesla joined the S&P 500 in December, wrapping up a strong year of performance. Led by Musk, the company has turned in five consecutive profitable quarters. Tesla delivered 499,550 vehicles in 2020, and is currently building new factories in Austin, Texas, and Brandenburg, Germany, among other efforts to grow its production and sales volume.

Meanwhile, Facebook shares gained about 32% throughout 2020.

Tesla shares rose this week following a very bullish note from Morgan Stanley analyst Adam Jonas, and news of a Democratic majority