Tesla will replace software company Oracle (Fortune 500), which announced last month it is moving to the NYSE. Both moves are slated to take place on July 15. ,
Shares of Tesla ( were up in premarket trading Tuesday on the news. Its shares are up 259% so far this year through Monday's close, lifting its market value to $14 billion. )
The company reported its first quarterly profit earlier this year and has reported rising sales of its primary car, the Model S. The Model S also has gotten generally rave reviews, including Consumer Reports saying it was the best car it has ever tested.
The positive news allowed Tesla to have a follow-up stock offering to raise the cash it needed to repay a government loan nearly a decade ahead of schedule, as well as speed up the nationwide role out of a charging station network.
The Nasdaq-100 is an index of the 100 largest companies in the tech-heavy stock exchange. Inclusion in high-profile indexes such as the Nasdaq-100 or S&P 500 will cause a stock to rise because managers of funds that track those indexes are forced to buy shares when there are changes in the components.
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