Tesla Motors joins the NASDAQ-100
The NASDAQ isn't exactly a top topic amongst most gearheads, nor is its NASDAQ-100 Index, used to track the exchange's climate. But as of July 15, Tesla Motors will become one of the 100 companies that compose the index.
That will make Tesla [NSDQ:TSLA] the only automaker listed in the index, owing mostly to the fact that it's the only automaker listed on NASDAQ.
Tesla finds a spot open on the NASDAQ-100 index because Oracle is leaving for theNew York Stock Exchange (NYSE).
So what does this mean for the electric car fan? Basically, it means Tesla is being recognized by the financial world as a legitimate force rather than a potentially unstable newcomer. That may not mean much, however, as changes just this year have seen Starz, Kraft Foods Group, and Netflix come onboard with the NASDAQ-100 while Starz, Virgin Media, and now Oracle have left. Starz joined and left in just three months.
The index based on the market capitalizations of its constituent companies, meaning it's essentially a ranking of the 100 most valuable non-financial companies listed on NASDAQ. That's gives perhaps a more tangible sense of the importance of the listing to Tesla's overall perception as a no-longer-fledgling automaker. Tesla's stock price has risen more than 250 percent this year, bringing the company's valuation to about $12.8 billion.
Just a few weeks ago, Tesla announced it would soon enable battery-pack swapping for the Model S, using hardware and methods built into each car from the start.
To see more of why Tesla is doing so well, visit our Tesla Model S news hub.
