The mystery is over: The company leaving the S&P 500 index to make room for Silicon Valley juggernaut Tesla Inc. is Apartment Investment and Management Co.
Tesla TSLA,
Related: Tesla’s market cap zooms past $ 600 billion
Tesla will also join the S&P 100 OEX,
Apartment Income REIT Corp., which Apartment Investment and Management is spinning off, will replace coffee and doughnut chain Dunkin’ Brands Group Inc. DNKN,
See also: Tesla stock to be added all at once to S&P 500
The spinoff is expected to be completed on Monday, and past that Apartment Investment and Management “will no longer be representative of the S&P Composite 1500 indices market cap ranges,” the index manager said.
Arby’s owner Inspire Brands Inc. is acquiring Dunkin’ Brands an offer expected to expire on or about Tuesday.
S&P said that Tesla would be joining the S&P 500 last month. The move puts Tesla automatically in the portfolios of countless index-tracking funds, cascading down to managed funds that will have to rebalance its portfolios.
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