Tesla overtakes Facebook to become fifth most valuable US company

Tesla shares are on a 10-day winning streak, the longest since April and only the second time since its 2010 initial public offering it's gained so many days in a row.

Tesla now commands a bigger market valuation than social-media giant Facebook Inc, with the latest jolt to the electric-vehicle maker’s share price coming from the capitulation of a long-time Wall Street bear on Thursday.

Shares of Tesla jumped as much as 5.6 per cent in opening trade on Friday, pushing the electric-car maker's market capitalisation to more than $800 billion for the first time ever and inching closer to the trillion dollar club.

Elon Musk-led Tesla has been on a stunning run over the past year, recording a 743 per cent gain in its stock in 2020 as the company