Tesla will join the S&P 500 in December after being snubbed earlier this year

Shares of Tesla spiked by more than 13% on the news.
Reuters
Tesla will join the S&P 500 on December 21, S&P Dow Jones Indices announced Monday
With a market cap of nearly $400 billion, Tesla is set to join as one of the 10 most valuable companies in the index. 
S&P Global did not say which company Tesla will replace later this year. 
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Tesla will be added to the S&P 500 later this year, S&P Dow Jones Indices announ