Lots of news followed the first quarter earnings call from Tesla Inc. Of course, Tesla CEO Elon Musk had some choice words to say about the coronavirus outbreak. The company also reported a small profit to the surprise of many observers. Now, following the results of the report, it looks as though Tesla’s induction into the S&P 500 is likely.
A video from Yahoo! Finance breaks down some of the figures from the report. As the video states, the Q1 earnings call makes the third consecutive positive quarter for the electric vehicle manufacturer. As a result, Loup Ventures, a popular venture capital firm, has begun paying even closer to Tesla’s possible induction into the S&P 500. In fact, Loup Ventures even stated that there is a 60% chance the company will be inducted.
The prediction comes as a positive bellwether for the company. Tesla’s stock has been quite controversial in the market for some time now. An induction into such a well known index may give the stock some much-needed legitimacy in the eyes of consumers and traders alike.
The video also includes one remarkable fact. Despite the current economic climate and the coronavirus outbreak, Tesla is currently experiencing its largest order backlog to date. This kind of news combined with a possible induction into the S&P 500 certainly bodes well for Tesla.
