Tesla entered an exclusive club Friday, becoming the fifth most valuable US company at Facebook’s expense.
Tesla closed the day Friday with a valuable of $820 billion, making it one of the top five most valuable US companies, according to CNBC. The previous fifth-place company, Facebook, was worth $763 billion at the close of market.
Tesla’s new valuation places it in exclusive company, along with Apple, Microsoft, Amazon and Alphabet. It also underscores the importance of the electric vehicle (EV) market as countries and companies pivot to environmentally sustainable transportation.
As CNBC points out, Tesla is benefiting from the recent elections, with President-elect Joe Biden committed to heavy investment in EV charging infrastructure and the domestic auto industry. Similarly, Democratic candidates winning the Georgia runoff races was seen as another boost to Tesla, as it clears potential obstacles to Biden’s agenda and environmental initiatives.