The largest U.S. oil company, Exxon Mobil Corp., has surpassed electric-vehicle giant Tesla Inc. in market value for the first time since 2020 as investors sell high-growth stocks and buy up value stocks in the energy sector.
Exxon shares have soared 75 per cent year-to-date, putting the energy giant on pace for its best ever annual performance, while Tesla’s stock has plummeted roughly 60 per cent over the same period, for its worst annual slump ever.
Tesla’s own troubles have contributed heavily to the decline as well. Chief Executive Officer Elon Musk’s preoccupation with his acquisition of Twitter and his propensity for controversial Tweets are making investors nervous about his focus and potential damage to the Tesla brand.
For its part, Exxon’s equity value has been steadily climbing since hitting a two-decade low in early 2020, when the outset of the Covid-19 pandemic sent crude prices into a tailspin. Since that time, rising crude prices have helped the US oil producer steadily climb back up the ranks of the most valuable companies in the S&P 500, surpassing Facebook parent Meta Platforms Inc. in September and now Tesla.
The share repurchases offer another contrast to Tesla, the growth-oriented stock has issued more of its own shares as it embarked on an ambitious expansion in recent years.
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