SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, March 2, 2019.
Mike Blake | Reuters
Shares of Tesla dropped more than 7% after hours on Friday after the S&P 500 Index Committee decided to move Etsy, Teradyne and Catalent into the S&P 500, but abstained from including Elon Musk’s electric vehicle and solar energy company.
By contrast, shares of Etsy, an e-commerce marketplace for artisans, rose more than 5% on news of its inclusion.
Some Tesla investors expected the company to be included this quarter, as the company reported its fourth consecutive quarter of profitability in July.
According to S&P Dow Jones Indices, there’s over $11.2 trillion in assets benchmarked to the S&P 500, with