Tesla Falls Behind Ford in Worst Week Since Take-Private Fiasco
Investors are not impressed.
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 abo in a ut 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.
(Reporting by Keith Naughton and Brandon Kochkodin)