Tesla To Be Added To S&P 500 Index
Tesla is officially going to join the S&P500, sending its stock price soaring as much as 12% -- adding over $40 billion in market capitalization to the automaker. Electrek reports: The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. It is basically a representation of the US stock market, and it is often updated to add growing companies in order to better represent the market. The indice did a reshuffle in September, but Tesla was surprisingly not included. Now the S&P has announced that Tesla will be included in the next reshuffle coming in December: "On November 16, 2020, S&P DJI announced that TSLA will be added to the S&P 500 effective prior to the open of trading on Monday, December 21 to coincide with the December quarterly rebalancing effective date." They didn't disclose which company is going to by taken out of the indice now that Tesla is being included. It will be announced closer to the reshuffle. Tesla's inclusion is so significant that the S&P is seeing feedback on who it should be handled: "Due to the large size of the addition, S&P Dow Jones Indices is seeking feedback through a consultation to the investment community to determine if Tesla should be added all at once on the rebalance effective date or in two separate tranches ending on the rebalance effective date." In semi-related news, Tesla has stopped selling the $35,000 version of the Model 3 altogether with the new 2021 model year refresh.
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