Tesla Stock Dive Sends EV Darling’s Market Cap Below Oil Giant Exxon’s

Tesla’s valuation is now less than Exxon Mobil amid the electric-vehicle leader’s worst stock slump ever. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app On Wednesday, Tesla’s market cap was $436 billion compared to $445 billion for the oil giant. Tesla is now the S&P 500’s 12th most valuable firm measured by market capitalization after previously climbing as high as fifth. The record plunge in Tesla stock has brought the valuation of the electric car company below oil giant Exxon Mobil’s. The last time Tesla was worth less than Exxon was early 2020 — before the COVID-19 pandemic triggered a massive reversal of fortune has since come undone amid the global energy crisis, Fed rate hikes, and Elon Musk’s Twitter takeover. On Wednesday, Tesla’s market cap was $436 billion compared to $445 billion for the oil giant. Tesla stock is enduring its worst sell-off since it debuted in public markets in 2010. Year to date, it has lost 61%, while Exxon has soared 76% as energy prices jumped after Russia launched its war on Ukraine.Tesla, which joined The S&P 500 exactly two years ago, is now the index’s 12th most valuable firm measured by market capitalization after previously climbing as high as fifth. Exxon is ranked ninth on the S&P 500. Tesla has faced immense pressure all year on aggressive Fed rate hikes that have slammed tech stocks broadly and growth concerns in China. Analysts and investors have also warned Tesla could face more downward pressure as Musk remains preoccupied with his acquisition of Twitter, a company where he is also CEO. Meanwhile, Exxon recently posted record quarterly earnings and is lavishing a $50 billion stock buyback on investors. That comes two years after Exxon was kicked off the Dow Jones Industrial Average after almost a century and recorded its first annual loss as the pandemic sent oil prices crashing in early 2020.

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