(Bloomberg) – Tesla Inc.’s market value has surpassed that of Exxon Mobil Corp., a sign that investors are increasingly betting on a global energy transition away from fossil fuels.

Elon Musk’s Tesla, now with $ 201 billion in market capitalization, is rising on optimism from its billionaire founder that his company can avoid a loss in the second quarter. Exxon, which fell to $ 185 billion, is recovering from the worst drop in oil prices in history. The largest oil company in the Western Hemisphere is preparing to cut some of its workforce in the United States.

Tesla is also on . of surpassing Toyota Motor Corp. to become the world’s most valuable automaker by market capitalization. The company surpassed Boeing Co. in March to become the most valuable industrial company in the US, and peaked at number two among automakers in January by outperforming Volkswagen AG.

Exxon is the second largest energy company in the world since Saudi Aramco went public late last year. But even Saudi Aramco’s status as the world’s most valuable company is in jeopardy now, after Apple Inc. narrowed the valuation gap to $ 150 billion, down from $ 750 billion at the time of the initial public offering. from the Saudi state-controlled oil giant six months ago.

Original Note: Tesla Overtakes Exxon’s Market Value in Symbolic Energy Shift

bloomberg.com“data-reactid =” 24 “> For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source. “data-reactid =” 25 “> Subscribe now to stay ahead with the most trusted business news source.

© 2020 Bloomberg L.P.