Elon Musk, chief executive officer of Tesla Motors
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The shares shed more than 4% in premarket trading Monday as investors who bought the stock in anticipation of its entry into the benchmark cashed in.
The electric car maker will have a 1.69% weighting in the index, the fifth largest. It will be the sixth biggest company in the large-cap benchmark when counting the share classes of Alphabet together.
The historic addition to the S&P 500 put a bow on Tesla’s outstanding 2020. The Elon Musk-led company has turned in five…