Tesla will be added to the benchmark S&P 500 index on a single day next month, rather than over two days as previously contemplated.
S&P Dow Jones Indices said Monday that it will move the electric car maker into the S&P 500 on Dec. 21 at the company’s full market value.
Because Tesla will be one of the largest companies added to the S&P 500 in the past decade, S&P had been considering adding Tesla in two stages on Dec. 14 and 21.
S&P said it decided to make the shift in a single-stage move after weighing feedback and other factors, including the market’s ability to accommodate significant trading volumes on the day Tesla is added to the index.
Tesla became eligible to join the S&P 500 after posting its fourth consecutive profit in the second quarter of this year, however, it was not immediately selected for inclusion in the benchmark index by the index committee at S&P Dow Jones Indices.
Its shares have soared 578.4% this year as the company is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles.
The company, led by Elon Musk, has a market value of $555.2 billion as of Monday’s close. That would place it in the top ten most valuable companies in the S&P 500.