Tesla Falls Behind Ford in Worst Week Since Take-Private Fiasco
Ford Passes Tesla in Market Value for First Time in Over a Year
(Bloomberg) -- Tesla Inc. had its worst week since Elon Musk’s effort to take the carmaker private fell apart, sending its market capitalization below Ford Motor Co.’s for the first time in over a year.
The electric-car maker’s shares finished Friday at $235.14, the lowest close since January 2017. The 14 percent plunge for the week was the worst since Musk admitted in August that nobody had seen or reviewed his tweet about buying out shareholders at $420, sowing major doubts about the seriousness of a plan he abandoned the following week.
After reporting a loss per share that was double what Wall Street expected Wednesday, Tesla ended this week’s trading with a $40.6 billion market cap, about $917 million below Ford’s. F-Series pickups powered blowout earnings that sent Ford shares surging 11 percent Friday, their biggest gain since April 2009.
Ford last closed ahead of Tesla by market cap for a single day last year: April 2. Before that, the last time the company was more valuable was March 31, 2017, according to data compiled by Bloomberg.
To contact the reporters on this story: Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.net;Brandon Kochkodin in New York at bkochkodin@bloomberg.net
To contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Cecile Daurat, Chester Dawson
©2019 Bloomberg L.P.