Due to the largest ever decline in electric car maker stock Tesla’s current market capitalization was $436 billion, dropping from 5th to 12th place among the most valuable companies in the S&P 500 by market capitalization, writes Business Insider.

Tesla’s market capitalization chart shows a sharp drop. The company is now worth less than oil giant Exxon Mobil, with a capitalization of $445 billion.

The last time the brainchild of Elon Musk was worth less than Exxon was in early 2020 – before the global COVID-19 pandemic, the energy crisis, the Fed rate hike, and the purchase of Twitter (NYSE:TWTR) by Ilon Musk.

Times have not been easy: It was its worst sell-off since it debuted on the public markets in 2010. Since the beginning of this year, its stock has lost 61%, while Exxon has soared 76% due to a jump in energy prices. Other specific problems are the enormous pressure from the Fed’s rate hike, which has generally hit tech stocks, and concerns about growth in China. The company could face even more pressure because of the distraction of its director, Ilon Musk, to the new company’s Twitter.

Earlier, we reported that U.S. stock market indices were down in trading.