TECH - Tesla's Market Cap Dips Below Eli Lilly Following Q4 Revenue Miss: Report | Benzinga
Tesla Inc. (NASDAQ:TSLA) has been surpassed in market value by pharmaceutical giant Eli Lilly (NYSE:LLY), following a 12% single-day plunge in Tesla’s stock.
What Happened: Tesla’s fourth-quarter earnings report, which fell short of revenue and profit expectations, triggered a significant drop in its stock price. The EV maker’s market cap dipped to $581 billion, while Eli Lilly’s climbed to $595 billion.
The earnings report, coupled with weak growth forecasts for the coming year, played a significant role in the stock’s decline. Tesla’s earnings call was also met with criticism, with one analyst labeling it a “train wreck.”
Meanwhile, Eli Lilly’s ascent began in 2023, driven by the success of its weight-loss drugs Mounjaro and Zepbound, which led to a 59% surge in its shares for the year. The company’s stock has appreciated 79% over the past 12 months.
Despite being a part of the “Magnificent 7” tech stocks that propelled the market rally last year, Tesla’s stock has plummeted 27% this month. The EV maker was also recently outpaced by Chinese EV manufacturer BYD in car ...