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upstart writes in with an IRC submission:

S&P 500 adds Tesla, sending stock price soaring:

Tesla will finally be added to the S&P 500 Index[*], the committee responsible for the index announced after markets closed on Monday. The change will take effect on December 21.

[...] People have trillions of dollars in index funds that track the S&P 500 index. This means that when a stock is added to the S&P 500, fund managers have to add it to their portfolios, pushing up the stock price.

[...] Tesla reported a fifth quarter of profits in October, and now the S&P committee is finally adding Tesla to its index.

[...] Tesla's stock price has surged by a factor of five over the course of 2020, making Elon Musk one of the world's richest people. Bloomberg estimates that he is now worth more than $100 billion.

[*] S&P 500: S&P 500 Index:

The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices.

The S&P 500 index is a capitalization-weighted index and the 10 largest companies in the index account for 26% of the market capitalization of the index. The 10 largest companies in the index, in order of weighting, are Apple Inc., Microsoft, Amazon.com, Facebook, Alphabet Inc. (class A & C), Berkshire Hathaway, Johnson & Johnson, Procter & Gamble and Nvidia, respectively.

Exactly one year ago — on November 18, 2019 — TSLA was $66.61 per share; yesterday's close was at $486.64 (+45.03)

Original Submission