(Bloomberg) – 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 $ 201 billion in market capitalization, 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 in jeopardy now after Apple Inc. narrowed the valuation gap to $ 150 billion, down from $ 750 billion at the time of the public offering. initial of the oil giant controlled by the Saudi state. six months ago.
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