Tesla 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% 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.
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% 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.
