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Added on the 16/11/2020 20:34:01 - Copyright : Wochit
On Thursday, lGoldman Sachs said large-cap mutual funds are on the verge of fueling a massive rally for Tesla shares. Business Insider reports that Tesla is set to join the S&P 500 on December 21 as one of its 10 most valuable members. Of the 189 large-cap core funds tracked by Goldman, 157 funds managing roughly $500 billion don't yet hold Tesla stock, the bank said. Goldman says some funds may aim to hold Tesla at benchmark weight when it joins the index. If so, Goldman said, funds will buy about $8 billion worth of shares soon after the automaker's inclusion.
After months of speculation, car manufacturing startup Tesla is... ...Becoming the newest addition to the S&P Dow Jones Indices on December 21st. The value of Tesla’s shares jumped more than 10% in the after-hours session on Monday. The jump is directly related to and in response to the news, according to Gizmodo. Investors have guesed the electric vehicle pioneer would soon find its way to the index. This paves the way for the company’s current market valuation of more than $380 billion.
On Friday, Tesla climbed as much as 8.4%. That's the 11th straight day of gains as the automaker's massive rally continues into the new year. The billionaire investor Chamath Palihapitiya said Thursday that Tesla's market cap stood to triple from its already lofty levels. Investor Michael Burry told Tesla bulls in a tweet on Thursday that they should enjoy the rally "while it lasts."
Business Insider reports that Elon Musk is now the richest man in the world. His net worth has skyrocketed to $187 billion. He is the CEO of two companies, Tesla and SpaceX, and the founder of three more. He's also been married three times and has triplets and twins. He recently had another baby with his girlfriend, the musician Grimes.
Tesla short-sellers saw $38 billion in mark-to-market losses throughout 2020, Bloomberg reported Thursday, citing S3 Partners data. Short interest in the company's shares plunged to less than 6% of Tesla's float from nearly 20% at the start of last year. The losses trounce the $2.9 billion total seen in 2019 and come on the back of Tesla's 740% surge over the past 12 months. Investors betting against Tesla lost billions last year, as the automaker's shares leaped above nearly all estimates.
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