Tesla Motors, Inc. (Nasdaq:TSLA), maker of an all-electric sports car, will join the Nasdaq 100 index starting on Monday, just as longtime notable Oracle Corporation (Nasdaq:ORCL) leaves to join the New York Stock Exchange.
Oracle’s move to the NYSE, announced in mid-June, dealt a heavy blow to Nasdaq, the Wall Street Journal reported.
Oracle represents $160.6 billion in market capitalization and left a large hole in Nasdaq’s key technology listings. In recent years, Nasdaq has won out on welcoming Facebook, Inc. (Nasdaq:FB) and Kraft Foods Group Inc. (Nasdaq:KRFT) to its listings.
Tesla, based in Palo Alto, Calif., has a market capitalization of about $12.8 billion. The company makes exotic electric cars known for their ability to achieve high speeds. Its shares received a boost on the news, up between 1 percent and 2.6 percent in morning trading.
Nat Rudarakanchana covers commodities and companies for the International Business Times. He is especially interested in precious metals, the food and drink industry, and...