Tesla’s dropping share price takes valuation below ExxonMobil’s

Tesla has fallen below ExxonMobil in stock market value for the first time since 2020 as investors flock back to Big Oil and flee Elon Musk’s electric-car maker. Exxon’s shares ended trading on Tuesday with a total market capitalisation of more than $439bn, up 1 per cent on the day and about 67 per cent higher than at the start of the year, according to S&P Global Market Intelligence. Tesla’s market value was $435bn, down 8 per cent on the day and more than 60 per cent below its level in late October, when chief executive Elon Musk completed his $44bn takeover of social media platform Twitter.