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Elon Musk has benefited a lot from the inclusion of Tesla into the S&P 500 index with a positive response from the public.Elon Musk, the CEO of SpaceX and Tesla Inc (NASDAQ: TSLA) has climbed up the ladder of the world billionaires set to overtake Mark Zuckerberg, CEO of Facebook Inc (NASDAQ: FB), after recording an additional billion to his net worth after Tesla was announced to be approved for the inclusion into the S&P 500 Index. His net worth currently sits at 7.5 billion which is a massive improvement and the highest performer among the top 500 billionaires after amassing Billion in 2020.The CEO of SpaceX and Tesla has benefited a lot from the inclusion of the company into the S&P 500 index with a positive response from the public.Tesla (TSLA) Shares Respond to the
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Elon Musk has benefited a lot from the inclusion of Tesla into the S&P 500 index with a positive response from the public.
Elon Musk, the CEO of SpaceX and Tesla Inc (NASDAQ: TSLA) has climbed up the ladder of the world billionaires set to overtake Mark Zuckerberg, CEO of Facebook Inc (NASDAQ: FB), after recording an additional $15 billion to his net worth after Tesla was announced to be approved for the inclusion into the S&P 500 Index. His net worth currently sits at $117.5 billion which is a massive improvement and the highest performer among the top 500 billionaires after amassing $90 Billion in 2020.
The CEO of SpaceX and Tesla has benefited a lot from the inclusion of the company into the S&P 500 index with a positive response from the public.
Tesla (TSLA) Shares Respond to the Inclusion
Tesla (TSLA) shares responded to the announcement of its inclusion to the Index by closing Monday with a 14% price surge to trade at $408.9. On Tuesday, the shares proceeded to record an 8.21% surge to trade for $441.61 which Is a $33 addition from the previous day.
Morgan Stanley predicted a bullish run for Tesla (TSLA) shares for the first time since 2017 with a 50% surge after forecasting that Tesla was working on creating high margin software and service revenue from its usual selling of cars.
After upgrading his equal-weight rating to an overweight rating, Adam Jonas, an analyst revealed that it is always wrong to just value Tesla on the car sales alone as the company has several businesses being run. For this reason, he considered the energy storage and insurance businesses of Tesla as well as the company’s network services. This influenced his decision to reconsider his price target to $540 which is a 50% increase.
Jonas stated that the internet-of-cars can cause more gains on stocks. This means the current run of Tesla (TSLA) shares has more distance to cover and yet to peak per the prediction of the analyst.
More Light on the Company’s Inclusion into the S&P 500 Index
Though S&P Global did not make mention of the firm that would be replaced by Tesla, the inclusion has certainly happened and the details would be known on Monday in a release. Over the years, companies have been measured with a strict requirement to meet to earn a place in the index.
To be considered, a company must have a market capitalization of more than $8.2 billion and must be based in the US. Also, the company must be able to record a positive run for four consecutive quarters, must have its shares accessible to the public, and must be highly liquid.
Tesla currently has a market capitalization of $400 billion, based in the US, and meets all the other requirements set to be included in the index. Soon from now, Tesla would be counted among some of the renowned valuable companies which include Berkshire Hathaway Inc (NYSE: BRK.A), Amazon.com Inc (NASDAQ: AMZN), and Apple Inc (NASDAQ: AAPL).
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.