It took Tesla at least 12 months to close a market-value gap of $200 billion compared to Boeing, with the electric vehicle producer, narrowly exceeding the aircraft titan on Wednesday after the latter's embattled 737 Max jetliner being clobbered with more problems.

Boeing's largest one-day collapse in nearly four decades dropped its market capitalization to $106.5 billion, below Tesla's valuation by over $10 billion. Stocks of the aircraft manufacturer, still struggling after the grounding of its best-selling 737 Max jetliner, have been battered by fears about the virus crippling global aviation.

On Wednesday, Boeing's stock fell 18 percent, the largest one-day rate of decline since 1974 and business executives presented a disheartening scenario for the company in 2020. The company headquartered in Chicago said it placed a hiring freeze in reaction to the outbreak of the virus that undermines air transport and threatens to destroy the demand of carriers for commercial aircraft.

In Silicon Valley, however, Tesla manages to work through the challenging times that the COVID-19 virus is creating for businesses worldwide. The stock of the electric vehicle manufacturer is also seeing a lot of awful fluctuations lately, but in a way, the decrease in Wednesday by Boeing was nearly poetic, given that Elon Musk has its own the aeronautical firm, SpaceX. Boeing and SpaceX are both collaborating on manned flights but the Elon Musk-led business appears to be in the lead between the two.

Aside from production luminaries and market frontrunners, Tesla manages to elbow, even as the virus costs the automaker some of its own profits. Beating Boeing is an especially fulfilling achievement for Chief Executive Elon Musk, who is competing with another of his firms, Space Exploration Technologies Corp, in the rocket-launch market.

Boeing said it obtained 18 contracts for giant new jets last month, but scrapped 46 orders, many of them for the stranded 737 Max, leaving the firm with a net deficit of 28 shipments in February. The organization also, limits travel and operating costs for workers and prohibit overtime work on getting the Max back in operation.

Although Tesla has celebrated a massive increase in the stock price over the last two quarters, the business has shown itself to be also vulnerable to global emergencies, as the ongoing COVID-19 pandemic is also impacting it. Furthermore, following the recent declines, in 2020, TSLA stock remains up 52 percent. Currently, Tesla is the world's second most successful car manufacturer, behind only to Toyota on the top position.