Tesla shares tumble following Musk comments on upcoming Battery Day

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Tesla’s new battery cell production line is located in Fremont, California, in close proximity to its car manufacturing plant.

In recent months, Tesla has become the subject of many market conversations and speculations. One of the reason’s company’s shares are performing very well this year.

Earlier in September investors held hopes Tesla would be chosen by the S&P 500 Index Committee after posting four consecutive quarters of profit. It wasn’t meant to be and only e-commerce website Etsy, pharma firm Catalent, and test equipment maker Teradyne were added.

For Tesla, this surely isn’t the end. Many still think the carmaker has the potential to be added to the S&P 500 after obtaining a valuation greater than some of the world’s largest car companies, including Volkswagen and Toyota. There have been whispers that Tesla is primed to enter the S&P 500 by 2021.

TSLA shares are still up 400% year-to-date, supported by a recent  5-to-1 stock split.

One thing is for certain, Musk has been on a roll as of late even after landing himself in hot water for contesting California’s COVID-19 pandemic lockdowns which closed thousands of businesses across the state.