Posted on 11/18/2020 4:23:57 AM PST by MarvinStinson
Tesla will be added to the S&P 500 index on Dec. 21. Based on its market value Monday, the electric car maker would be one of the top 10 companies in the benchmark index upon entry.
S&P Dow Jones Indices made the announcement after the closing bell. Tesla shares jumped nearly 14% in after-hours trading.
Tesla became eligible to join the S&P 500 after posting its fourth consecutive profit in the second quarter of this year. However, it was not selected for inclusion in the index in September by the index committee at S&P Dow Jones Indices.
Tesla shares have soared 387.8% this year as the company is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles. Tesla earned $331 million in the third quarter on revenue of $8.77 billion.
The company, led by Elon Musk, has a market value of $386.83 billion as of Monday’s close. That would make it the tenth most valueable company in the S&P 500.
S&P Dow Jones Indices said Tesla will be one of the largest companies added to the S&P 500 in the past decade. The company said it is considering adding Tesla in two stages on Dec. 14 and 21.
The company Tesla is replacing in the S&P 500 will be announced at a later date, S&P Dow Jones Indices said.
(Excerpt) Read more at breitbart.com ...
Let’s take the most volatile and speculated stock with unstable financials and weight it really high in the world’s leading index!
What better day than the Winter Solstice than to have an EV car company enter the index when remote work and lockdowns are occurring.
That said, I like Musk.
He’s a bit crazy, but he’s got balls.
I like Musk as well but the valuation on Tesla is the crazy math of the decade.
Worth more than GM and Toyota combined?
I’m not that educated in the valuation of companies, but it seems to me there is a dislocation between some companies and their supposed values.
A family member I spoke with (hedge fund guy) was talking about how ridiculous the Tesla price was. I don’t get its value.
I do think SpaceX has huge importance moving forward.
IMO no, it’s speculation probably by retail traders.
“and weight it really high in the world’s leading index”
it’s weight is determined by the market.
Repeat after me:
Tesla is not a car company.
Tesla is not a car company.
You’re doing great! Continue:
Tesla is not a car company.
Tesla is not a car company.
Keep it up! You’ll get there!
The Faux vid is just a minute or so of Tesla- and Musk-bashing. The Shanghai plant is on track to hit 500K+ in production, mostly Model 3 but in a month or so Model Y will be in those numbers. GigaBerlin is being built so fast tourists come to watch the progress. The Texas plant is going up near Austin I think, a better location (for now) than California, obviously, and the Cybertruck pickup is going to be made there. The new batteries are using iron and eschewing cobalt, giving up some range on one end and picking up a little of the loss through weight savings.
Elon Musk says Tesla Semi will go 621 miles per charge
New battery technology is the key
By Gary Gastelu
https://www.foxbusiness.com/lifestyle/elon-musk-tesla-semi-621-miles
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