Electric car maker Tesla’s shares fell as it debuted on Wall Street’s S&P 500
Tesla stock fell yesterday when it debuted on Wall Street’s S&P 500.
The blue chip index measures the stock market performance of 500 of the largest public companies in the USA.
The electric car maker, led by billionaire Elon Musk (pictured below), is the largest company to join the S&P, and its shares have risen 60 percent in value after announcing the change last month. But yesterday they fell 6.5 percent to $ 650 each.
Some analysts suggested it because a rush by tracker funds to track the stock had increased its value before yesterday.
However, Tesla’s addition to the S&P comes after tremendous growth in its stocks, which have soared more than 600 percent this year.
They changed hands a year ago for about $ 84 each, but now it’s the sixth largest company in the S&P behind Facebook.
Chris Ford, co-manager of the Smith & Williamson Artificial Intelligence Fund, which holds Tesla shares, said the company “has so far proven the doubters and short sellers wrong”.