Pandemic rocks market cap rankings in largest shake-up since 2008

Digitalization and decarbonization lead investors as new normal emerges

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The market capitalization of Tesla has become larger than that of Toyota Motor in July. (Source photos by Reuters and Kyodo)

RYO SAEKI, TOKIO MURAKAMI, SATORU NIHEI, Nikkei staff writers

TOKYO -- World rankings for market capitalization have undergone massive changes due to the coronavirus pandemic, as companies with the greatest ability to adapt gaining the most in a shattered economic landscape.

One example can be found in Singapore. Sea, an information technology company listed on the New York Stock Exchange, saw shares rise threefold this year. Its market cap now exceeds $57 billion, making it larger than Indonesia's Bank Central Asia and the biggest company in Southeast Asia,

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