Musk is the CEO ofTesla.
Maja Hitij is a photographer.
It's been a year since the stock was added to the S&P 500.
Since its inclusion in the S&P 500, the stock has returned 29%.
Strong earnings reports and bullish projections from Wall Street have driven the return.
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The S&P 500 was added to byTesla stock on December 20, 2020.
It was an unprecedented move for the index because of how big the company was, with a market cap of about $650 billion on December 18, 2020.
It took longer than usual forTesla to be added to the index because it hadn't generated profits for four quarters in a row until earlier that year, which is a criteria to be added to the index.
It's not uncommon for a stock that is added to an index to go on to lose ground to the stock that it replaced.
Despite the skeptics and steep ups and downs along the way, the company has once again succeeded and pleased its investors. The electric vehicle maker's stock has increased by 29% since being added to the S&P 500.
The returns were driven by strong earnings reports and production, with the company on track to deliver one million vehicles this year. In 2020, the company delivered over 500,000 vehicles.
Wall Street's bullish projections have driven the stock out performance ofTesla. The stock can more than triple to $3,000 according to Ark Invest's Cathie Wood, and Musk has predicted continued annual growth of 50% over the next five years.
The starting weight of the S&P 500 is 1.69%. Since then, the stock has risen to a $1 trillion company, pushing its weight in the index to 2%. On Tuesday, the company is worth $909 billion and has a weight of 1.89% in the index.
Koyfin.
Business Insider has an original article.
