Elon Musk's Tesla to join S&P 500 in December as largest-ever new member

Musk, 49, is poised to become the world's third-richest person, after his net worth rises by more than $12 billion

Tesla., Elon Musk’s 17-year-old upstart carmaker, took a giant step toward blue-chip respectability on Monday, getting named to one of the world’s most famous stock indexes in an action that will greatly broaden its investor base.

The announcement that Tesla will enter the S&P 500 on December 21 follows months of speculation, and one temporary setback, after the stock failed to make the cut during the index’s quarterly rebalancing in early September. The anticipation has helped drive a nearly fivefold rally in the stock this year to almost $390 billion, making the electric vehicle pioneer the biggest company ever to be