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.