The market value of Tesla Inc. has overtaken Exxon Mobil Corp. in a sign that investors are increasingly betting on a global energy transition away from fossil fuels.
Elon Musk’s Tesla, now with a market capitalization of $ 201 billion, is rising in the optimism of the billionaire founder that his company can avoid a loss in the second quarter. Exxon, which fell to $ 185 billion, is recovering from the worst oil price drop in history. The largest oil company in the Western Hemisphere is preparing to cut some of its American workforce.
Tesla is also on the verge of moving on to Toyota Motor Corp. to become the world’s most valuable automaker by market cap. The company surpassed Boeing Co. in March to become the most valuable industrial company in the US, and peaked at No. 2 among automakers in January by moving to Volkswagen AG.
Exxon is the second largest energy company in the world after Saudi Aramco went public late last year. But even Saudi Aramco’s status as the world’s most valuable company is now in jeopardy after Apple Inc. narrowed the valuation gap to $ 150 billion, down from about $ 750 billion at the time of the initial public offering of the State controlled by Saudi Arabia. oil giant six months ago.
Bloomberg.com
