Tesla closing auction saw 69 million shares trade at $695

  • Tesla shares are up by a mammoth 730% this year.
File photo of Tesla CEO Elon Musk. (REUTERS)
File photo of Tesla CEO Elon Musk.

Surging interest from index-tracking funds sent Tesla Inc.’s price surging to a record $695 in the auction used by exchanges to close trading, almost 4% above its average price Friday.

More than 69 million shares traded in the electronically managed closing print, a key price that will act as a starting point for passive funds that track the S&P 500. It came on a day of extreme volume for the electric vehicle maker, which will enter the storied equity benchmark on Monday. Almost 200 million Tesla shares changed hands in the regular session

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As of Friday’s close, Tesla shares are up 730% this year. The S&P Dow Jones Indices committee announced Tesla would be added to the S&P 500 in November, and shares have surged around 70% since. Now, the electric-vehicle maker will be added to the most-followed stock benchmark at a record high price-tag of $695.

First Published Date: 19 Dec 2020, 08:52 AM IST

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