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Tesla stock (NASDAQ: TSLA) hit an intraday all-time high again, dealing a sharp, painful blow to the company's short-sellers. On Thursday, shares rallied another 4% and the price reached $507.76 per share.



Tesla's current rally began after being added to the US S&P 500. With five profitable quarters, Tesla already met the requirements for inclusion into the S&P 500 after the Q3 2020 earnings report, which requires that a company's last four quarters in summation are profitable and that the previous quarter is profitable. Tesla will be added to the S&P 500 effective prior to the open of trading on December 21.

The S&P 500 press release reads:

"NEW YORK, November 16, 2020: Tesla Inc. (NASD: TSLA) will be added to the S&P 500 effective prior to the open of trading on Monday, December 21 to coincide with the December quarterly rebalance. Due to the large size of the addition, S&P Dow Jones Indices is seeking feedback through consultation to the investment community to determine if Tesla should be added all at once on the rebalance effective date or in two separate tranches ending on the rebalance effective date. Tesla will replace a S&P 500 company to be named in a separate press release closer to the rebalance effective date."

Tesla will be among the top ten companies in the index. At the moment, its market capitalization is about $480 billion and is almost equal to the value of the next 5 automakers combined. Tesla is not only one of the most valuable companies on Wall Street, but it has long outgrown automotive competition.

Tesla shares are up 1,045% in the past 18 months. In the last three years, Tesla's trailing 12-month revenue has grown by 139.6%, but its market cap has increased by 665% in that time.

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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.