- NASDAQ:TSLA gains a further 2.05% on Friday as investors continue to pile in ahead of its inclusion in the S&P 500.
- New EV battery maker QuantumScape debuts on Wall Street.
- Tesla officially surpasses Berkshire Hathaway in market cap.
NASDAQ:TSLA has gone parabolic over the last month as shares of the electric vehicle industry leader have gained over 40% since the end of October. What is causing the surge in demand? Tesla’s pending inclusion into the S&P 500 benchmark index will open the stock up to nearly every index fund that tracks the S&P and will add a level of stability to the once volatile stock. Ever since Tesla split its stock in late August, investors have been scooping up shares by any means possible.
The electric vehicle industry saw a new player debut on Wall Street on Friday and it has nothing to do with making cars. QuantumScape (NYSE:QS) added nearly 60% to its opening price and closed its first trading session at $37.00 per share. The news does not directly affect Tesla which is planning to begin making its own batteries in-house as a way of utilizing its own technology and assets, as well as theoretically being able to lower the costs passed on to consumers.
TSLA stock news
With the recent surge in stock price, Tesla has now officially become the sixth most valuable company in the world, as it has unthinkably surpassed Warren Buffet’s company Berkshire Hathaway (NYSE:BRK-B), with a $555 billion market cap. Investors can reasonably expect Tesla to continue to run-up until its inclusion date on December 21st when the S&P 500 goes through its quarterly rebalancing.
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