Tesla Shares Soar On S&P 500 Inclusion; Market Cap Tops $400 Billion

Tesla Will Be Added The S&P 500 On December 21

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An unsold 2021 S70 sedan sits at a Tesla dealership Sunday, Nov. 8, 2020, in Littleton, Colo.

The jump in his fortune came after the stocks of the electric car-maker Tesla soared more than 13% after S&P Global said that shares of the Elon Musk-owned company would be added to the S&P 500.

Tesla will join the S&P 500 prior to the opening of trading on December 21.

Tesla's shares surged 14 percent on Monday in anticipation of a $51 billion trade by index funds adjusting their holdings.

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Tesla Inc's shares were up by more than 10% at the end of the trading day on Monday, after S&P Dow Jones Indices, the owner of the S&P 500 index, announced that the USA electric car-maker would join the index.

More recent developments - the unveiling of Tesla's long term battery plan, and the roll-out of its "fully functional" Full Self Driving beta to select drivers - have not yet gained traction n in market value terms, as investors cautiously wait to see both new technologies come to full fruition.

Tesla became eligible to join the S&P 500 after posting its fourth consecutive profit in the second quarter of this year.

Total revenues climbed 39% to $8.77 billion dollars, exceeding the expected $8.36 billion.

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Elon Musk's rising electric vehicle powerhouse Tesla reached another landmark Monday when it officially qualified for the prestigious S&P 500.

"While it was well anticipated that Tesla would be added to the S&P 500, what was unclear was the timing". The company said it is considering adding Tesla in two stages on December 14 and 21.

"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", S&P said in the announcement.

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