About a fifth of Tesla's shares are closely held by Chief Executive Elon Musk (pic) and other insiders, and since the S&P 500 is weighted by the amount of companies' shares actually available on the stock market, Tesla's influence within the benchmark will be slightly diminished, putting it in eighth place, just behind Johnson & Johnson, and equivalent to just over 1% of the index.
Tesla Inc extended its rally on Thursday ahead of its December debut in the S&P 500, with its market value nearing $500 billion, highlighting the growing domination of mega-cap growth stocks within Wall Street's main benchmark.
The California company's stock rose 2.6% and is up over 20% since S&P Dow Jones Indices announced on Monday it would add Tesla to the index as of Dec. 21, a change that will force index funds to buy around $50 billion of its stock.
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