It’s official: electric vehicle giant Tesla will be joining the all-powerful S&P 500 index. The news was announced nearly two weeks ago, and since then, institutional and retail buyers have jumped on the bandwagon as the stock has run up over 36%. $TSLA is now worth over $500 billion, making its CEO Elon Musk the second richest man in the world. The company is expected to make its debut in the S&P during the last trading week of December, where dozens of S&P funds will be made to pick up the stock.
The London-based EV company Arrival announced it would be going public in a SPAC arrangement with CIIG Merger Corp., which made our Rippers list today. $CIIC is up 60% since last Friday. Arrival has created electric vans and buses in the hopes to begin mass production on them between the end of 2021 and start of 2023. They’ve already signed orders totaling over $1.2 billion, including an arrangement with the logistics and shipping giant $UPS
Have you considered electric tractors as part of the EV revolution? Ideanomics, a ‘green’-centric company, has doubled its stake in the electric tractor company Solectrac. $IDEX got a lot of love from Robinhood investors in the first half of 2020 before seeing their valuation return to normal as the economy reopened. However, news of the increased stake in Solectrac has seen $IDEX run up over 170% this week.
That wraps up Rippers for this week We’re off this Thursday for Thanksgiving Hope our Rippers fam has a happy and safe turkey day — we are grateful for all of you!
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