10 September 2020
Although the electric-vehicle manufacturer had seen stock prices rally for a majority of the year leading to it becoming the most valuable car manufacturer – with a current valuation of $307.7 billion – the S&P 500 committee opted against including it in its index.
This decision, paired with Baillie Gifford’s (Tesla’s largest outside shareholder) to cut its stake in the company resulted in Tesla’s stock plunging by 21.6% – an anti-climactic conclusion to the company’s recent hot streak.
Throughout 2020, Tesla saw its stock rise by over 300%, which also lead to the company’s CEO Elon Musk’s net worth reaching the $100 billion mark for the first time.
With current estimates, Tesla stock is up by 283% this year.