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People look at electric vehicles at a Tesla store in Shanghai, China. Photo: Yan Daming/VCG via Getty Images

Tesla will join the S&P 500, the index's committee said on Monday.

Why it matters: After years of ineligibility, one of the most valuable U.S. companies by market cap (and the most valuable automaker in the world) is joining the main benchmark of the stock market as its biggest new member ever.

  • The move opens Tesla up to a massive investor base: roughly $11 trillion worth of investment funds that track the index.
  • Tesla would be the 10th biggest S&P 500 component, ahead of Johnson & Johnson.

Catch up quick: The company met the final requirement for eligibility — four consecutive quarters of profitability — when it reported its Q2 results in July. But the company was passed over when S&P Dow Jones Indices switched up the index's components in September.

  • Wall Street analysts speculated that the reason was because of Tesla's dependency on the sale of regulatory credits to other automakers — without which, it wouldn't be profitable on a quarterly basis.
  • Shares of Tesla, which ran up earlier this year on the expectation it would be added to the index, rose roughly 9% in after-hours trading.

Details: The move is effective on Dec. 21.

  • Because Tesla is such a massive addition to the index, the committee is still trying to figure out whether the company should be added all at once or in two separate tranches.

Go deeper

Dion Rabouin, author of Markets
Jan 8, 2021 - World

Food costs are rising all over the world

Data: UN FAO food price index; Chart: Axios Visuals

Year-end data from the U.S. and around the world show a consistent theme — steadily increasing prices.

Driving the news: The Food and Agriculture Organization’s food price index rose for the seventh straight month in December, rising to its highest in six years.

Federal court blocks Biden's vaccine mandate for health workers in 10 states

President Biden delivers remarks on the Omicron COVID-19 variant following a meeting with his COVID-19 response team. Photo: Anna Moneymaker via Getty Images

A federal court in Missouri has blocked the Biden administration from enforcing a coronavirus vaccine mandate for health care workers at federally-funded facilities in 10 states.

Why it matters: Monday's decision is the first victory for opponents of the rule, which requires health care workers to get vaccinated by Jan. 4, 2022. The case is one of four lawsuits challenging the Centers for Medicare & Medicaid Services' (CMS) rule and argues that the mandate will exacerbate staffing shortages.

Twitter's next act

Illustration: Annelise Capossela/Axios

Twitter co-founder and CEO Jack Dorsey is exiting the company he helped build at a time when its future has never been so uncertain.

Why it matters: The person who controls Twitter controls the de facto public square — with implications for politics, media and free speech.