Tesla stock dive sends market cap of the green energy darling below oil giant Exxon Mobil's
On Wednesday, Tesla's market cap was $436 billion compared to $445 billion for Exxon Mobil.
Tesla stock fell to record levels, putting it below Exxon Mobil's valuation. Tesla stock was valued at $436 billion on Wednesday, compared to $445 billion by Exxon Mobil's $445 billion. The worst selling year for Tesla stock since its debut in the public markets was 2010. The worst sell-off Tesla stock has seen since its debut in public markets in 2010 is Exxon, which has suffered a 61% loss. Investors and analysts have warned that Tesla may face further downward pressure because Musk is still preoccupied with the acquisition of Twitter, where he is also CEO. Exxon has just posted record quarterly earnings, and is now offering a $50 billion stock purchaseback to investors. This comes two years after Exxon was removed from the Dow Jones Industrial Average. It had been there for almost 100 years. Exxon also suffered its first ever annual loss in 2020 when the pandemic caused oil prices to plummet.