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Marcio Jose Sanchez / AP

Elon Musk's 14-year-old electric-car maker, Tesla, is now worth more than 113-year-old Ford, with a market cap of $47 billion compared to Ford's $45 billion, reports Recode. Tesla beat analyst estimates in the first quarter of 2017, thanks to delivering a record 25k vehicles. The push is a good sign for Tesla as it gears up to start producing its first mass-market vehicle, the Model 3.

The company is planning to deliver 50k cars in the first half of 2017 and 500k by the end of 2018. Tesla also plans to begin construction on at least 3 more Gigafactories this year.

Note: Tesla is still much smaller than Ford, and continuing to lose revenue. The company had $7 billion in annual revenue in 2016, while Ford saw nearly $152 billion.

Go deeper

Updated 30 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 46 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.