Tesla Stock Hits All-Time High, Market Cap Surpasses Exxon Mobil

Tesla’s stock price hit an all-time high today, reaching $1,087.69 USD per share and currently trading up 6.58% on the day.

The company’s market cap surpassed $201 billion at its high today, surpassing oil giant Exxon Mobil, with the latter currently dealing with one of the biggest crude oil crashes in history. Exxon’s market cap is currently at $186 billion, while Tesla currently is at $198.9 billion.

Tesla only trails Toyota when it comes to the largest car manufacturers in the world, based on market cap.

With Tesla set to announce its second quarter earnings next week, and with Elon Musk noting in a leaked email its Q2 may possibly break even during the COVID-19 pandemic, investors have put faith into the company.

According to Barron’s, Tesla needs earnings of $1.41 per share or higher in Q2 to qualify into the S&P 500, which requires companies to have positive generally accepted accounting principles (GAAP) earnings. If Tesla were part of the S&P today, the company would part of the top 30 companies in the stock index.