Tesla has fallen below ExxonMobil in stock market value for the first time since 2020 as investors flock back to Big Oil and flee Elon Musk’s electric-car maker.
Exxon’s shares ended trading on Tuesday with a total market capitalisation of more than $439bn, up 1 per cent on the day and about 67 per cent higher than at the start of the year, according to S&P Global Market Intelligence.
Tesla’s market value was $435bn, down 8 per cent on the day and more than 60 per cent below its level in late October, when chief executive Elon Musk completed his $44bn takeover of social media platform Twitter.
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