Tesla Inc appears on the verge of joining the S&P 500, a major accomplishment for Chief Executive Officer Elon Musk that would unleash a flood of new demand for the electric car maker's shares, which have already surged 500 per cent over the past year.Higher-than-expected second-quarter vehicle deliveries, announced last week, have analysts increasingly confident the company will show a profit in its quarterly report on Jul 22.
Howard Silverblatt, a senior index analyst at S&P Dow Jones, had to look back to the dot-com era to recall a comparable situation.In 1999, Yahoo surged 64 per cent in five trading days between the announcement that it would be added to the index on Nov. 30 and its inclusion after the close of trading on Dec 7. Yahoo's market capitalization at the time was about US$56 billion.
Ivan Cajic, head of index & ETF research at Virtu Financial estimates index managers would need to own roughly 25 million shares of Tesla stock, currently worth US$34 billion. Tesla Inc Chief Executive Officer Elon Musk is seen on a screen during a video message at the opening ceremony of the World Artificial Intelligence Conference in Shanghai, China, on Jul 9, 2020.
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