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Ever since Tesla announced its entry to the S&P 500, there’s a flood of investors picking up TSLA stock. Tesla remains the most-traded stock on Wall Street with daily trading volumes clocking $26 billion over the last five trading sessions.
Sayings just that “It’s been a phenomenal 2020 for Tesla” would be an understatement. The American electric car maker is making new records every passing day. Tesla (TSLA) upcoming entry to the S&P 500 index next month has fueled a mad investor rush. On Wednesday, November 25, Tesla Inc (NASDAQ: TSLA) stock surged another 3% closing at $574. At this price, TSLA’s year-to-date returns stand at a whopping 560%. Tesla has added another $50 billion to its market cap just in a week’s time after it crossed the $500-billion milestone.
Ever since Tesla (TSLA) announced its entry to the S&P 500 last week on November 16, the shares of the company have jumped 40%. There’s a mad rush of investors over the Tesla stock listing which will be adding $50 billion worth of its shares. But along with the stock price surge, the average daily trading value has also surged significantly. Sahak Manuelian, managing director of trading at Wedbush Securities told Reuters:
“It’s been crazy. Since Tesla’s (announced) inclusion in the S&P, you’ve had a lot of managers out there that didn’t own enough of it having to buy more”.
It looks like there’s no looking back for the company and CEO Elon Musk who is now the second-richest man on the planet surpassing Bill Gates, and having a net worth of $128 billion. Interestingly, Tesla’s performance comes at a time when the automobile industry is facing the heat of the COVID-19 economic crisis. With Tesla’s eye-popping performance this year, Elon Musk has added a massive $100 billion to his net worth in 2020 alone.
After News on S&P 500: Tesla (TSLA) Is the Most Favorite Stock of Wall Street
Tesla (NASDAQ: TSLA) remains one of the most-traded stocks on Wall Street over the last two weeks and the overall 2020. Over the last 5 trading sessions, traders purchased a whopping $26 billion worth of TSLA shares per session. As per Refinitiv data, this accounts for nearly 8% of all stock traded on the US exchanges.
Interestingly, this is more than the combined value of stocks traded for Amazon.com Inc (NASDAQ: AMZN) and Apple Inc (NASDAQ: AAPL) during the same period. Even if seen over the 52 week period, Tesla has averaged to $16 billion in trades every day. The second comes Apple at $14 billion a day.
Why is Xpeng using lidar? Big deviation from copying Tesla. Xpeng says it will greatly improve accuracy – I believe it, but can severely limit scalability for their autonomous approach. Did they realize they couldn't make their Tesla-copy approach work?https://t.co/vB1SbiGdlh
— Tasha Keeney (@TashaARK) November 20, 2020
Trading for the Tesla rival Nio Inc (NYSE: NYO) has also jumped significantly with the stock price doubling this month. In fresh allegations, Elon Musk has accused China’s electric car maker Xpeng Inc (NYSE: XPEV) to steal the company’s source codes.