According to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, $80 billion worth of Tesla stock will have to be bought by index investors. He noted that trading volatility could be exacerbated by Tesla not being a member of the S&P 1500, S&P 400 Midcap or S&P 600 Small Cap indices.
Fund managers that must buy the index will try to buy Tesla as near the Dec. 18 closing price as possible. “It’s probably going to be one of the biggest market on close buy orders of all time,” said Peter Boockvar, chief investment strategist at Bleakley Advisory Group.
- CNBC’s Patti Domm contributed reporting.
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