© Photographer: Win McNamee/Getty Images North America WASHINGTON, DC - MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions relating to SpaceX projects during his appearance at the conference. (Photo by Win McNamee/Getty Images)
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Elon Musk tweeted Sunday morning that he has “no symptoms right now,” after admitting on Saturday that he “most likely” has a moderate case of Covid-19 and has had symptoms of “a minor cold.”
He didn’t mention any results from his PCR tests, which are typically performed in labs and are more accurate than rapid tests. He continued to cast doubt on the accuracy of Covid tests on Saturday, citing his “wildly different results from different labs.”
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Musk, the billionaire chief executive officer of Tesla Inc. and Space Exploration Technologies Corp., first disclosed on Twitter Friday that he had received inconclusive coronavirus test results using Becton, Dickinson and Co.’s rapid antigen test, getting two negative and two positive results.
Video: Commonly asked questions about measles (KING-TV Seattle)
Musk, 49, has sowed doubts about Covid-19, questioning the virality of the disease and claiming fatality rates are overstated. In his Saturday tweet, he said “coronavirus is a type of cold,” seemingly downplaying its risks. In the U.S., the disease has infected more than 10.8 million individuals after adding a record 190,059 cases Friday, and killed more than 245,000 people.
In March, Musk predicted there would be close to zero new cases in the U.S. by April and made no bones about his frustration with shutdown orders that temporarily halted production at Tesla’s auto plant in Fremont, California.
Rapid tests have become more widely used in the fight against Covid-19, but these tests also are known to be less accurate than the more common, gold-standard polymerase chain reaction, or PCR, tests.
(Updates to add PCR tests are done in labs in second paragraph, no symptoms Sunday)
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Emerging news is that Tesla Inc. has plans to join the S&P 500 in December 2020. Tesla is an American electric-automobile manufacturer established in 2003. Once the plan to include Tesla is complete, it will be a successful business move not just for the company and its shareholders. The inclusion should be able to trigger a huge $51 billion trade as the index funds are directed towards the purchase of Tesla’s electric car shares.
There have been reports that Tesla’s shares went up by12 percent during the extension trade, after the announcement from S$P Jones Indices that the electric car maker company will be joining the S&P 500 ahead of the trade opening on December 21, 2020.
What Does Inclusion in S&P Mean for Tesla?
The news about Tesla joining S$P 500 represents a major win for this American electric automobile manufacturer as well as its Chief Executive Officer, Elon Musk. Once they finalize the inclusion, Tesla is going to be one of the largest weight additions to the S&P 500 in the past ten years.
According to S&P Dow Jones Indices, the inclusion is bound to generate funding trades, making it one of the largest in the S&P 500’s history. With a market capitalization of more than &380 billion, the electric automobile manufacturer is currently among the most valued firms on Wall Street.
Tesla’s move to be included in one of the widely followed stock market indexes will push investment funds indexed to the S&P 500 to sell about $51 billion worth of shares of those companies already in the S&P 500. It will then use the money to purchase Tesla’s shares so that their portfolios can correctly reflect the index. It means that Tesla will be accounting for one percent of the index.
Will Tesla’s Plan to Be Included in S&P 500 Be Successful?
In a different press release, S&P Dow Jones Indices have decided to ask its investors for feedback on whether to include Tesla in two tranches, with the first one taking place a week earlier, or include it in one tranche in December 21, 2020.
The S&P Dow Jones sought the opinion of investors regarding this because of Tesla’s unusual large market capitalization.
However, according to reports, July’s blockbuster quarterly report cleared major obstacles that will make it possible for Tesla to be part of the S&P 500 investors.
Source: https://aljazeera.com/economy/2020/11/16/tesla-shares-up-12-after-announcement-it-will–zoom-onto-sp-500