Big oil stages a grand comeback as Exxon's valuation passes Tesla

For its part, Exxon's equity value has been steadily climbing since hitting a two-decade low in early 2020, when the outset of the Covid-19 pandemic sent crude prices into a tailspin

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 have soared 75% year-to-date, putting the energy giant on pace for its best ever annual performance, while Tesla’s stock has plummeted 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