Meta Platforms Inc.’s stock has been on a hot streak since the company first announced its cost-cutting plans last fall, and that helped it achieve a milestone Thursday that Mark Zuckerberg had not seen in more than a year.
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Both Meta, which had a $552.4 billion valuation at the session’s end, and Tesla, with a $515.7 billion valuation, previously peaked at fifth in the market-cap rankings. Tesla’s valuation is based on the share count given alongside its fourth-quarter report and is subject to change once the company discloses an updated share count in its first-quarter 10-Q.
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Shares of Meta have rocketed 144% from their November 2022 low as Chief Executive Zuckerberg and his management team have given Wall Street what it wants in the form of sizable job cuts and a more measured approach to spending.
Tesla’s stock had enjoyed a rebound of its own, surging more than 50% from its recent low in January 2023. But Tesla shares stumbled Thursday, falling 9.8% after the company missed margin expectations in its most recent quarterly report in the wake of broad price cuts on its vehicle. The decline wiped away $55.69 billion in market value for Tesla, which is more than the total market capitalizations of both Ford Motor Co.
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Meta will have a chance to justify its recent stock rebound April 26, when the social-media company delivers its own earnings report that will show how it has fared in a tough advertising climate.
Read: AI is the word as Alphabet and Meta get ready for earnings
