Tesla Shares Spike 15% As S&P 500 Addition Confirmed

By Staff of Admiral Markets

Tuesday, November 17, 2020 4:44 AM EDT

Shares in Tesla (TSLA) spiked nearly 15% higher after an announcement confirmed the 17-year old elective vehicle maker will become a constituent of the S&P 500 (SPX) stock market index. The index is arguably the world's most famous and will certainly help Tesla increase its investor base.

Tesla shares spike 15% as S&P 500 addition confirmed!

Tesla will be the largest ever new member to the index which it is set to enter on December 21, 2020. Much of the anticipation has been built in the stock price with its share price rallying higher this year. However, it does follow months of speculation and investors will be glad the uncertainty is over.

It has not yet been announced which company Tesla is set to replace in the S&P 500 but its share price will have a weighting on the index similar to Berkshire Hathaway (BRK-A) and Procter & Gamble (PG). Founder, Elon Musk, has made it his latest mission to be more of a global player and has recently opened plants in Shanghai and is building a factory in Berlin and a second US plant in Texas, making it a very interesting time for Tesla (TSLA) investors!

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