Tesla surpasses Facebook and becomes America’s fifth largest public company

Tesla overtook Facebook to become the fifth listed company in stock exchange in the United States.

The result, achieved briefly on Friday, was strengthened in trading on Monday, after car rental company Hertz Global Holdings Inc said it placed an order for 100,000 vehicles from Tesla.

Tesla’s shares have closed in increase of 13%, the highest since March, with a market value of 1.03 trillion dollars.

While the company’s president’s luck jumped Elon Musk, the richest person in the world, rose to $ 288.6 billion on Monday, according to the Bloomberg Billionaires Index, adding $ 36.2 billion to his fortune in the wake of a surge in Tesla stock.

Meanwhile, Facebook closed with a market cap of $ 927 billion, in down from the high of $ 1.08 trillion in early September.

US equities came under increased pressure on Friday after a flurry of negative stocks, including poor results from Snap Inc.

However, Facebook’s stock rebounded after reporting strong user growth and a plan to buy back up to $ 50 billion worth of stock.

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