Wall Street Journal front-pager, "Tesla Steps on the Gas, Overtakes Ford in Value," by Tim Higgins and Christina Rogers: "Tesla Inc., the upstart Silicon Valley electric-car maker run by [Elon] Musk, has overtaken Ford Motor Co., the automotive pioneer that is exactly 100 years older, as the second-largest U.S. auto maker by stock-market value."
Market caps: GM $51.2 billion ... Tesla: $48.7 billion ... Ford: $45.5 billion.
The Snap effect ... Also on the Journal front page, "Tech Founders Wants IPO Cash — and Control: 'Dual-class' shares, which give majority to a few, spread in Silicon Valley," by Maureen Farrell: "[C]ompanies are structuring their IPOs so that founders and executives wind up with far more votes than actual shares. The exaggerated voting power gives those few shareholders dominance over all corporate decisions, ranging from the election of directors to whether to sell the company someday."