Tesla (NASDAQ: TSLA) shares hit a record $695 per share last week, briefly vaulting its market cap to over $650 billion. Since then, it has given back some of those gains.
Earlier this year, another very well-known tech company blasted past a $650 billion market cap — and never looked back. I’m talking about Facebook (NASDAQ: FB), the world’s biggest social media company.
Both Facebook and Tesla are part of the NYSE FANG+ index, which tracks 10 highly traded tech giants, including Alphabet and NVIDIA. And with Tesla joining Facebook in the S&P 500, millions of index fund investors now own a slice of both companies — whether they like it or not.