Shulou(Shulou.com)11/24 Report--

Beijing, December 21 (Xinhua) Tesla's market capitalization was surpassed by ExxonMobil for the first time since 2020 as investors flocked to oil giants to flee the electric car company Elon Musk.

Tesla shares closed down 8 per cent by Tuesday's close, down more than 60 per cent from the level at which Mr Musk completed his $44 billion acquisition of Twitter at the end of October, and the market capitalisation fell to $435 billion, according to data from global market intelligence that investors are turning to the oil company S & P global market intelligence. Meanwhile, ExxonMobil shares closed up 1%, up about 67% from the start of the year, with a total market capitalization of more than $439 billion.

Musk, who recently lost his status as the world's richest man, lost another $7.7 billion on Tuesday, with a cumulative loss of $122.6 billion this year, exceeding his wealth gain in 2021. Tesla investors worried about his distraction breathed a sigh of relief when Mr Musk raised the possibility of resigning as CEO on Twitter over the weekend. But analysts continued to warn this week that his energy investment in Twitter could cause further damage to Tesla's share price.

Analysts say the very different share price performance of the two companies marks a shift in the stock market from growth stocks such as Tesla to value-oriented companies such as commodity producers, which tend to attract investors during economic downturns. ExxonMobil used to be the world's largest company by market capitalization, but as oil prices plummeted in the months before the outbreak, fossil fuel producers lost the favor of investors concerned about the environment, society and governance. The company experienced a brutal 2020.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.