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.