Tesla beats Facebook as 5th most valuable company after Dems gain Senate majority

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Tesla’s market capitalization reached $767 billion after Democrats wrested the Senate on Wednesday.

Tesla shares surged 15% year-to-date after the Democratic party’s victory, the Georgia Senate run-off elections, which increased the hopes of passage of a clean energy bill.

Electric car and clean energy company Tesla replaced Facebook to become the fifth most valuable company in the S&P 500 list, after its market capitalization reached $767 billion, exceeding Facebook’s market capitalization of $765 billion, as per data from Bloomberg. 

Tesla shares went up 15% year-to-date due to Joe Biden-led Democratic party won the Georgia Senate run-off elections to gain majority in both the Senate and the House of Representatives, raising hopes of passage of a clean energy bill.

Elon Musk dethroned Amazon Chief Executive Jeff Bezos to become the world’s richest man after a 7% rise in Tesla shares on Thursday. 

The other companies in the S&P 500 that are more valuable than Tesla are Alphabet, Amazon, Microsoft, and Apple. 

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