Shares of electric car maker Tesla fell sharply on Monday after making history by becoming the largest company to be added to the S&P 500, the index based on the price of 500 large companies and one of the most followed by investors or investors.
Half an hour after the start of trading, Tesla stocks fell 5.22 percent on Wall Street, in contrast to a sharp rise of almost 6 percent last Friday, when funds that track the S&P 500 rushed to buy huge amounts of stocks to stay true to the index track.
Never before has a company with the market value of Tesla joined the S&P 500, which currently has a market capitalization of about $ 625 billion, making it one of the top ten on Wall Street.
In the third quarter of this year 2020, Tesla obtained the best results in its history
The Elon Musk-led company has gained a lot of that value this year, with its shares racking up 731 percent, in part because of plans to include it in the S&P 500 and the consequent interest it aroused among many investors.
Finally consistent earnings since the second half of last year, after years of mixing gains and losses, have also helped its path in the stock market, something that has so far held back its inclusion in the popular index.
In the third quarter of this year 2020, Tesla obtained the best results in its history, with a net profit of 331 million dollars, 218 percent more than in the same period of 2019, which allowed it to accumulate some earnings of $ 435 million in nine months.
In October, the company also reported a record in the delivery of vehicles in the third quarter, 139,300, which represents an increase of 7 percent year-on-year.
Tesla’s dizzying stock market rally turned Musk, who holds a significant portion of the company’s capital, into one of the richest people in the world with a fortune that Forbes magazine estimates at about $ 146 billion.
Apple and its plans may now be the cause of the crash: electric cars and batteries
Tesla titles are down this week. It can be a momentary effect and not a permanent or definitive trend.
Analysts suggest how the value of the shares of Musk’s company affected the Apple electric car that returns to the scene with force. After many months without revealing news, the Apple Car reappears now and could be closer than ever to seeing the light: it would be presented as the big surprise of the apple firm in 2021. Apple also plans to revolutionize the production and market of batteries or electric accumulators for vehicles.
G. Febres
With information from international media and Reuters and EFE agencies
