Tesla’s stock price is falling and in doing so, has retreated on milestones it set last year. As of publication, the company’s value is less than Ford’s for the first time in a year. At current levels, Tesla’s market cap is $42.063 billion while Ford is trading at $43.588. It was a year ago tomorrow that Tesla overtook Ford’s market cap.
Both companies’ stock prices are trading down on the day, though Tesla’s stock is seemingly crashing over the last week and is at a 52-week low. The company is still reeling from a week of bad news that included a mass recall, a report on manufacturing woes, and a fatal crash involving Tesla vehicle operating in its self-driving mode.
Ford’s stock is, however, trending up over the last month though is also trading around a 52-week low.
Much fanfare was made when Tesla overtook Ford’s market value. It was championed as the wave of a future, but some cautioned that the stock price was overvalued. Elon Musk seems to be taking the news well, tweeting in jest yesterday, on April Fool’s, that the company is bankrupt.