Tesla Shares Fall 5% on S&P 500 Debut
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- Tesla shares have risen more than 600% so far this year and after the announcement that they would enter the S&P 500 had soared 70%.
On its first day on the S&P 500, shares of Elon Musk's auto company Tesla fell 5% on the main Wall Street index to $ 659.99. This occurs after the company made history as the most valuable that has entered the indicator.
After half an hour into the session, shares in Musk's company plunged 5.22% after rising 6% last Friday as S&P 500 investors rushed to buy stocks.
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Image: Mike Blake / Reuters via BI
The electric car firm has a market value of 625 billion dollars, according to EFE , which is why it becomes the most valuable company that has entered the highest reference index on Wall Street.
Tesla shares have risen more than 600% so far this year and after the announcement that they would enter the S&P 500 had soared 70%. It also represented a 1.69% weighting in the indicator before Monday's trading, according to Reuters .
Once Tesla reports the results for the fourth quarter of this year, in early 2021, it could be known if the company will post its first full year of earnings.