Meta Platforms Inc.’s stock has been on a hot streak since the company first announced its cost-cutting plans last fall, and that could help it achieve a milestone not seen in over a year.
is on track to finish Thursday’s session with a market value above Tesla Inc.’s
in what would be the first such occurrence since Dec. 20, 2021, according to Dow Jones Market Data. Meta is on pace to be the seventh largest public U.S. company by market capitalization, with Tesla trending toward the No. 8 spot.
Both Meta, which is on track for a $550 billion valuation by the session’s end, and Tesla, on track for a $508 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.
Shares of Meta have rocketed 144% from their November 2022 low as Chief Executive Mark 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 has enjoyed a rebound of its own, surging 52% from its recent low in January 2023.
Tesla shares are stumbling Thursday, however, down more than 10% after the company missed margin expectations in its most recent quarterly report in the wake of broad price cuts on its vehicle.
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 fared in a tough advertising climate.