The Strategist

Tesla's market cap falls below oil giant ExxonMobil

12/21/2022 - 09:31

According to stock exchange data, Tesla's market capitalization fell below that of oil giant ExxonMobil last week, to $435.14 billion.

Jakob Haerter
Jakob Haerter
ExxonMobil, on the other hand, was valued at $439.38 billion in dollar terms during trading on Tuesday.

Before the start of regular stock trading, Tesla shares were up 0.92 percent, and ExxonMobil shares were up 0.3 percent. At the same time, futures for the S& P 500 Index were up 0.45%.

According to the Financial Times, Tesla has fallen below ExxonMobil for the first time since 2020. The newspaper notes this is because ExxonMobil shares have risen approximately 67% since the beginning of the year, while Tesla shares have fallen more than 60%.

Tesla Motors, based in California, was founded in 2003 as a developer and manufacturer of electric vehicles and related technologies. It is based in Palo Alto, California. In addition to electric vehicles, the company manufactures batteries and electric motors with its own technology and sells them to other automakers, primarily Toyota and Daimler.