Tesla Joins Wall Street’s S&P 500 Share Index As Sixth Largest Member

After months of anticipation, Tesla has joined Wall Street’s S&P 500 share index as its sixth-largest member.

The electric car company joins the likes of Amazon, Apple and Facebook days after Tesla shares surged to a record high of $695 (£520) on Friday, December 18.

Earlier today, he took to Twitter to thank his supporters: ‘Thanks to everyone who worked so hard to make Tesla successful. My heart goes out to you,’ he said.

It’s been a lucrative year for Musk, who has grown his net worth by more than $127 billion in the last 12 months.

In the last year, shares in Tesla have rocketed by more than 700%. Despite its success, the company is yet to make a profit from a single financial year.

Musk, who owns 21% of Tesla, stepped down as chairman of the company in 2018 after his claims to take Tesla private triggered a probe from the US Securities and Exchange Commission.

In November, he told a fan on Twitter that the electric car company was just one month away from bankruptcy ahead of the mass production of its Model 3.

The Model 3, Tesla’s cheapest car, began mass production in 2017. When asked by one user how close Tesla was from bankruptcy when bringing the Model 3 to mass production, Musk said ‘about a month’.

‘The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell,’ he added.

‘These numbers rise and fall, but what really matters is making great products that people love,’ he added.

On December 8, it was reported that Musk had left his home in California in favour of Texas, where Tesla’s new factory is being built.

The world’s richest man, Jeff Bezos, who has a net worth of more than $183 billion, lives in Washington State.

Microsoft creator Bill Gates, who is third place on the index with a total worth of $131 billion, also lives in Washington State.