Wall Street's most controversial stock may be about to go mainstream.
FILE PHOTO: Tesla electric vehicles for test driving are parked in Hanam, South Korea, July 6, 2020. REUTERS/Kim Hong-Ji
With a market capitalization of about $250 billion, Tesla would be among the most valuable companies ever added to the S&P 500, larger than 95% of the index’s existing components. It would have a major impact on investment funds that track the index.While analysts and investors have recently become more confident of Tesla’s addition, an S&P Dow Jones spokeswoman declined to comment about specific changes to the index.
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 $34 billion. “Even if you don’t like Tesla and you think it’s overvalued, the fact that it is going into the index would mean trillions of dollars would have some kind of position,” said Jim Bianco, head of Bianco Research in Chicago. “As part of their benchmark, portfolio managers would not be able to ignore it.”
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