Tesla to join elite S&P index, shaking up Wall Street

New York (AFP) – Tesla is set to join an elite group of companies in a key Wall Street index, a move which gives greater prominence to the high-flying electric carmaker and forces money managers to reshuffle their portfolios. The company founded by Elon Musk becomes part of the Standard & Poor’s 500 index on Monday, which means that investment funds based on that index will be holders of the stock. Tesla stock has already seen a spectacular rise this year of 680 percent, and with a market capitalization of some $600 billion it will be the richest company to enter the prestigious S&P index.  It…

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