Tesla’s market value bigger than any African country

Tesla Inc. extended its rally at its most recent trading session ahead of its December debut in the S&P 500 (SPX), as almost hit a market value now worth $473 billion.

Its market capitalization is higher than the Gross Domestic Product (GDP) of any African country, Nigeria – $448.1billion, South Africa – $351.4billion, Egypt – $303.2billion, Algeria – $169.98billion, Morocco – $118.7billion, Ethiopia – $96.12billion, Kenya – $95.5 billion, Angola – $94.6 billion, Ghana – $66.9 billion, Tanzania – $63.2 billion.

The fast-evolving car company, which focuses more on renewables as seen in its 2.6% share price rise and has gained over 20% since S&P Dow Jones Indices stated recently it would add Tesla to the S&P 500 index on December 21 a change that will force S&P 500 index funds to buy around $50 billion of its shares.

Now worth $470 billion, Tesla will increase the concentration of heavyweight companies within the S&P 500. It will be the seventh-most valuable company within the index, just behind Berkshire Hathaway and ahead of Visa Inc., according to Refinitiv data.

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About a fifth of car company shares are presently owned by Chief Executive, Elon Musk and other insiders, the S&P 500 is weighted by the number of companies’ stocks available on the stock market, the car company’s influence within the benchmark will be slightly reduced, putting it in 8 positions, just behind Johnson & Johnson, with an equivalent of about 1% of the S&P 500  index.

Some months ago, Nairametrics highlighted 5 reasons why it thinks the stock will surpass Apple in the…

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