Meta surges past Tesla in market value for first time in 16 months

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Meta just surged past Tesla in market value for the first time in 16 months

in market value for the first time in 16 months on Thursday, thanks to the surge in its stock price this year and a sharp drop in Tesla shares on the day., which comfortably exceeded the automaker's $517 billion market cap. The last time Meta was worth more than Tesla was December 20, 2021.shares in the EV maker plunged nearly 10% on ThursdayMeta has also been one of the US's best-performing public companies this year.

Elon Musk's company posted first-quarter earnings that broadly met Wall Street's expectations. However, it disclosed that its net income had plummeted 24% year-on-year, which analysts attributed to its aggressive price cuts. Meta and Tesla are now respectively the seventh- and eighth-largest companies in the world by market capitalization, per CompaniesMarketCap data.

While Meta is now more valuable than Tesla, Zuckerberg's personal fortune of $78 billion is still less than half of Musk's $164 billion net worth, . The pair hold similar-sized stakes in their respective companies, but Musk also owns valuable equity in SpaceX, Twitter and his other businesses.

 

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