The elite trillion-dollar big tech club MAMATA now has a combined market cap of $10 trillion
This is a busy week for big tech companies. It all started on Monday after rental car company Hertz announced it was buying 100,000 Tesla vehicles to build out its electric vehicle rental fleet in a deal valued at roughly $4 billion. Immediately after the announcement, Tesla stocks rose by about 10% trading at over $1,000 valuing Elon Musk’s electric car company at a little over $1 trillion.
It finally happened, Tesla crossed the $1 trillion market cap to become the first automaker to reach the $1 trillion market cap. The historic milestone also makes Tesla a member of the exclusive trillion-dollar market cap companies including Microsoft, Apple, Meta, Amazon, and Alphabet. To put this in perspective, Tesla’s $1 trillion market cap is equal to more than 5% of the United States’ total gross domestic product.
The news didn’t end there. In a move that in some ways resembles Google’s big corporate re-brand to ‘Alphabet’ in 2015, Facebook announced yesterday that it has changed its corporate name to Meta. Speaking at a virtual event to showcase Facebook’s technological bets of the future, Zuckerberg said the new name reflects the company’s work invested in the metaverse, rather than its namesake social media service. He also added that the world’s largest social network will continue to be called Facebook.
Finally today, Microsoft passed Apple to become the world’s most valuable company after its market cap reaches nearly $2.46 trillion while Apple’s stood at more than $2.43 trillion at noon EST. The move comes after Apple’s laster quarter revenue fell short of analyst expectations.
With Tesla joining the elite trillion-dollar big tech club this week, the combined market cap for the six big tech companies is now about $10 trillion, about two-thirds of the entire GDP of Europe.
However, before this week, FAANG (Facebook, Apple, Amazon, Netflix, and Google) used to be the most popular acronym used for the five big tech companies. Now with the entrance of Tesla into the exclusive trillion-dollar club and Facebook’s name change to Meta, many media outlets are already proposing a new acronym for the new six companies.
The most popular suggestion came from Twitter after a user suggested FAANG be replaced with MAANG or rearranged to read MANGA, referring to Japanese comic books.
— Ashish (@AshishB1603) October 29, 2021
Some did a little reshuffling dropping Netflix completely from the list, which leaves us with MAMATA (Microsoft, Apple, Meta, Amazon, Tesla, and Alphabet) a reminder to the character in the popular Lion King movie–Hakuna Matata. However, The Verge seems to have a better idea. Instead of excluding Netflix, it provides a series of suggestions below.
Apple, Amazon, Alphabet or Google, Meta, Microsoft, Netflix, and Tesla. In short: A, A, A / G, M, M, N, T.
- MMAAGT (pronounced “maggot”)
- GAMAT (Used in a sentence: “We’re running the GAMAT of options here.”)
- A MANTA
- ANTMAN (Apple, Netflix, Tesla, Meta, Amazon, Microsoft [it works, okay, don’t question it])
- Or perhaps we’ll just keep saying Facebook and Google, swap in Microsoft for Netflix, and say FAAMG
What are your ideas? Tell us what you think.