According to a recent tweet by @SamTalksTesla on Twitter, the previous market cap combining Exxon, Chevron, Shell, and BP would actually equal Tesla today! It was stated that it is now about time to stop talking about the "big oil" which was a thing of the past and finally transition into talking about something "really big", Tesla!
Elon Musk quickly replied to this tweet saying it was actually pretty wild especially considering that Exxon was previously the most valuable company in the whole wide world when they went public back some time 10 years ago. Times have indeed changed and the company that auto company Exxon which was previously at the top is now just one of the companies that went combined would equal Tesla.
Pretty wild, considering that Exxon was the most valuable company in the word when we went public 10 years ago — Elon Musk (@elonmusk) October 5, 2020
How big was Exxon exactly?
Going back in time, Exxon actually topped the known Fortune 500 back in 2011 ranking in an enormous $41.1 billion all in profits, up to about 35% increase from the year before. In order to keep the popular energy giant continuously growing, the CEO named Rex Tillerson previously made a huge bet on natural gas.
The company would then proceed to producing roughly just as much of natural gas as the more popular oil. Tillerson pretty much believed that this long-term play will then be able to pay off over the succeeding 25 to 30 years in the future. In the short term, the prices of natural gas itself have remained low in the whole United States and also other markets.
Tesla's influence over the United States
Nowadays, Tesla has dominated most markets from the United States all the way to other countries. Now that Tesla is constructing a huge gigafactory over in Germany in order to properly penetrate the European market. With the huge demand and the lack of supply over in Europe, Tesla is trying to increase their supply in the European market with the upcoming Gigafactory.
The UK is actually shifting towards the elimination of petrol and diesel cars by the year 2035 which is a huge opportunity for electric vehicle companies to take over. In an effort to help stop global warming, the UK is already slowly taking gas and petrol cars out of circulation and substituting them with more electric vehicles.
In fact, this move by the United Kingdom has prompted most automobile companies to shift towards electric vehicle production. Even the luxury brands that were focused on petrol or diesel have slowly been developing their own electric car version vehicles in order to compete with the growing demands for electric vehicles.
This article is owned by Tech Times
Written by Urian Buenconsejo