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Tesla (TSLA) to join S&P 500 December 21st

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Tesla (NASDAQ: TSLA) is set to join the S&P 500 after being snubbed from the index in early September. The electric automaker will officially join the S&P 500 on Monday, December 21st, 2020.

The S&P announced:

“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.”

According to StreetInsider.com, the S&P Dow Jones Indices is seeking feedback through a consultation to determine which companies will be removed and whether TSLA will be added all at once. Because of TSLA’s massive valuation, which is the largest among carmakers in the world, it could be added to the S&P in two tranches.

The S&P also detailed this in a statement, according to CNBC.

“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.” 

After the news of TSLA’s inclusion in the index, its stock spiked over 10% in after-hours trading. After closing at $408.09 on Monday, the stock was trading at $450.47 as of 5:40 PM EST.

The addition of Tesla to the S&P will broaden the investor base, according to Bloomberg NewsIn order to join the index, companies must be based in the United States, and must be listed on the New York Stock Exchange, the NASDAQ, or the CBOE, and have a market capitalization of $8.2 billion or more. Additionally, a company must report four consecutive profitable quarters.

In 2020, Tesla has seen its stock price skyrocket based on advanced EV tech, battery improvements, and overall increases in demand and deliveries. Because of Tesla’s growth in the automotive market, the company has been focusing on building a new production facility in the United States and in Europe to fulfill consumer needs. Additionally, the company has marked five-straight profitable quarters and is coming off of its most successful three-month span as a company in terms of production and delivery figures.

Disclaimer: Joey Klender is a TSLA Shareholder.

The post Tesla (TSLA) to join S&P 500 December 21st appeared first on TESLARATI.



Source: https://www.teslarati.com/tesla-sp500/


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