Tesla Excluded From S&P500, Stock Sinks

On Tuesday, Tesla stock tumbled as much as 13% in pre-market trading.

The decline follows the surprise exclusion of Tesla from the S&P 500.

An important shareholder cutting its stake, and its announcement of a $5 billion share sale.

Tesla met the criteria to join the S&P 500.

But the managers only added Etsy, Teradyne, and Catalent.

Other tech stocks such as Apple, Microsoft, and Facebook fell more than 2% on Tuesday as well.