Connect with us

Hi, what are you looking for?

CleanTechnica

Batteries

Tesla’s Market Value Overtakes Exxon In Historic Paradigm Shift [TSLA > XOM]

An energy paradigm shift is underway. According to Bloomberg, “Tesla Inc.’s market value has surpassed Exxon Mobil Corp.’s in a sign that investors are increasingly betting on a global energy transition away from fossil fuels.” Bloomberg touted the turning point as a “symbolic energy shift” that could signify a seismic transformation taking place in the sector.

Originally published on the EV Annex blog.

An energy paradigm shift is underway. According to Bloomberg, “Tesla Inc.’s market value has surpassed Exxon Mobil Corp.’s in a sign that investors are increasingly betting on a global energy transition away from fossil fuels.” Bloomberg touted the turning point as a “symbolic energy shift” that could signify a seismic transformation taking place in the sector.

Tesla solar, electric vehicle, and energy storage solutions represent a 360-degree clean energy approach (Source:Tesla)

It’s reported that, “Elon Musk’s Tesla, now at $201 billion in market capitalization, is surging on the billionaire’s optimism that his company can avoid a second-quarter loss. Exxon, which dropped to $185 billion, is reeling from the worst crude-price crash in history. The largest oil company in the Western Hemisphere is preparing to cut some of its U.S. workforce.”

The stock closed yesterday at an all-time record, marking a milestone for Elon Musk’s electric car company. According to Marketwatch, “Tesla Inc. shares ended at a record $1,079.81 on Tuesday, sending the Silicon Valley car maker’s market cap above $200 billion for the first time.”

Above: Tesla overtakes Exxon Mobil in market value (Source:Bloomberg)

And there’s possible growth ahead for Tesla if the company posts a profit for the fourth consecutive quarter. “Inclusion in the S&P 500 might push shares higher into, and after, the second quarter Tesla delivery report, due in coming days. S&P 500 index funds might start to prepare for index inclusion if deliveries beat estimates,” according to Barron’s.

This week marks Tesla’s 10-year anniversary since its IPO. Since its debut a decade ago, “Tesla’s shares are priced [more than] $1,050—that’s well over a 4,000% return since the close of its first day as a public company. Even during this ongoing coronavirus pandemic, shares are up more than 140% this year. Along with Netflix, that type of stock performance puts Tesla in rare company, as it has outperformed other tech giants like Amazon and Apple,” according to National Interest.

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

Matt is all about Tesla. He’s a TSLA investor, and he loves driving the family's Model 3, Model S, and Model X company cars. As co-founder of EVANNEX, a family business specializing in aftermarket Tesla accessories, he’s served as a contributor/editor of Electric Vehicle University (EVU) and the Owning Model S and Getting Ready for Model 3 books. He writes daily about Tesla and you can follow his work on the EVANNEX blog.

Comments

You May Also Like

Cars

What effect can activist shareholders have on a company as large as Tesla with its extensive stockholder base of large investment firms?

Cars

Tesla held its annual meeting of stockholders at its Austin, Texas factory on Thursday. The meeting invited shareholders to join in person, in addition to over...

Clean Transport

Tesla has added a new interesting attraction to a Supercharger station in Hilden, Germany — a mobile swimming pool. This is a small rectangular...

Cars

The UK auto market saw plugin electric vehicles take 16.7% share in July, down from 17.1% year on year. BEV share grew, but not...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.