Finance
Tesla Overtakes Exxon’s Market Value in Symbolic Energy Shift
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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.
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.