The spotlight for the week was on Elon Musk’s Tesla. Shares of the electric car manufacturer surged 22% during the last 5 trading sessions to sit at $880.02 per share.
In what was a controversial week in the United States of America on the political front, Wall Street was also in for something that has been rare for equity markets. The top five big tech companies on Wall Street, collectively known as FAANG, underperformed the benchmark index — NASDAQ. While the equity index gained 1.8% during the last five trading sessions, most of the FAANG stocks witnessed losses in the same time period. On the other hand, leading electric vehicle manufacturer Tesla’s stock price jumped over 20%, helping Elon Musk become the world’s richest person beating Amazon’s Jeff Bezos.
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Jeff Bezos was dethroned for the number 1 spot on the billionaire’s index last week. The shares of e-commerce giant Amazon dropped 2.62% in the first trading week of 2021 to end at $3182 per share. Meanwhile, despite making a strong recovery in the last two trading sessions, Apple’s share price ended 1% down in the previous week. Apple could be in talks with Korean automaker Hyundai to manufacture electric vehicles. Although Hyundai backed away after initially naming Apple, the tech giant is known for keeping its new products a secret until the final stage of development.
Netflix saw its shares tumble 5.3% during the week, making it the worst-performing FAANG stock. The ‘back to normal’ trade that many are making does not augur well for the streaming platform which saw a massive run-up in stock value in 2020 owing to the pandemic and stay at home orders. Internet giant Google was the only FAANG stock to record gains in the first week of 2021. Shares of the firm jumped more than 2% during the week.
The spotlight for the week was on Elon Musk’s Tesla. Shares of the electric car manufacturer surged 22% during the last 5 trading sessions to sit at $880.02 per share. This massive surge helped Elon Musk become the richest person on Earth. Tesla now has a market capitalization of $834 billion, which is more than the market capitalization of all leading automakers combined.