Tesla's stock market value tops Facebook's in huge trading

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time.

Facebook's stock market value was $765 billion after its shares rose about 2 percent, according to Refinitiv data. Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform."

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