INSUBCONTINENT EXCLUSIVE:
The largest US 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
roughly 60% over the same period, for its worst annual slump ever.
Broadly, the change in fortunes illustrates how in the face of growing
economic and geopolitical uncertainty, investors flocked to businesses with strong cash flow this year, ditching riskier assets whose
valuations are pinned to future growth prospects
investors nervous about his focus and potential damage to the Tesla brand
vehicles take a hit as consumers postpone or even cancel big-ticket purchases amid a slowing economy, high inflation and rising interest
investment officer at SPEAR Invest
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 oil giant plans to spend $50 billion buying up its own stock through 2024, up from previous plans of $30 billion.
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
in a world where governments are trying to reduce emissions and encourage electrification.
Exxon and Tesla also traded places on the S-P
500 ESG Index in May, an event that Navellier - Associates chief investment officer Louis Navellier said caused some index-tracking
investors to buy up shares in the oil firm and sell stock of the electric car giant
