New York — Tesla is smashing through records as its impending addition to the S&P 500 index has sparked a buying frenzy among investors, pushing the company’s market valuation over the $500bn mark for the first time on Tuesday.

Shares of the electric-vehicle (EV) company have soared this year, rising nearly 550%, with gains accelerating over the past week after S&P Dow Jones indices last Monday said Tesla will be added to the benchmark. The stock surge helped co-founder Elon Musk add $100.3bn to his net worth this year and overtake Bill Gates to become the world’s second-richest person...

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