More On: elon musk
Celebrities and journalists are outraged after losing their blue checkmarks on Twitter
What Are Justifiable Fears About AI?
Elon Musk talks about whether or not he has seen proof of alien life
Elon Musk tells Tucker Carlson that the U.S. government was able to read the direct messages of Twitter users
Workers at Tesla used cameras in customers' cars to spy on them
Four months after achieving it’s first full year of profitability, Tesla has been accepted into the benchmark S&P 500 index. The electric automaker will be included as a member of the
Four months after achieving it’s first full year of profitability, Tesla has been accepted into the benchmark S&P 500 index.
The electric automaker will be included as a member of the popular stock index on Dec. 21, S&P Global announced in a surprise announcement Monday — sending shares of Tesla up nearly 8 percent in extended trading.
The carmaker’s entry to the S&P 500 means a slew of big investment funds that duplicate the index’s holdings may be forced to buy an estimated $40 billion worth of Tesla shares to avoid errors tracking the index’s performance.
The move has been expected in July when the Elon Musk-led company delivered its fourth consecutive quarterly profit for the first time ever.
The company Tesla will replace in the index will be named at a later date.
With its market cap of $387 billion, Tesla is the most valuable carmaker in the world, more than $150 billion ahead of No. 2 Toyota. The stock is up 375 percent so far this year.
The announcement comes less than a month after CEO Musk unlocked the fourth tranche in an eye-popping $50 billion performance-based compensation deal, bringing his total stock awards to-date to roughly $11.8 billion.
