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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.

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities tied to Iranian-backed militia groups in Syria was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

2 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.