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Friday, September 29, 2023

Tesla Shares Slump on S&P 500 Non-Inclusion

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Tesla shares slumped in U.S. pre-market trading on Tuesday after the electric-vehicle maker missed out on being included in the S&P 500 Index.

Tesla shares fell about 10 percent pre-market in the first day of trading since Friday’s news. Instead of Elon Musk’s Tesla, S&P Dow Jones Indices added online retailer Etsy Inc., chip gear maker Teradyne Inc. and medical technology firm Catalent Inc.

Tesla not being included likely reflects the challenges in adding a firm of that size to the index, Credit Suisse analyst Dan Levy wrote in a note on Sept. 6. Levy added that Tesla is still expected to be added to the index, however.

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