Tesla’s ticker symbol should be TULIP. From Wolf Richter at wolfstreet.com:
Global market share of 1%. But market cap equals combined total of Toyota, Volkswagen (VW, Audi, Porsche, etc.), Daimler, GM, BMW, Honda, and Ford. Raised $10 billion in three months by selling shares.
Tesla is going to replace Apartment Investment and Management in the S&P 500 Index, S&P Dow Jones Indices announced Friday evening, fleshing out its initial announcement of November 16 that Tesla would be added to the index. The switch will become effective before the start of trading on Monday, December 21. Over $100 billion are estimated to flow in different directions as index funds have to unload Aimco and add Tesla. But they’ll position themselves ahead of time so they don’t have to all go out next Friday and buy or dump those shares in one day. In terms of Tesla shares, the index funds had a month to prepare.
The expectation that Tesla would be included in the S&P 500 index, and all the hype surrounding it, has been powering the last spike in my Quadruple WTF chart of the Year, which blew away and annihilated my Triple-WTF Chart of the Year of August 31, and my Double-WTF Chart of the Year of July 1, and my original WTF-Chart of the Year of February 4, which depicted the puny little 120% jump in one month, as noted in the chart below. Each of the prior three WTF points has been duly followed by a plunge (stock prices via YCharts):