ETFs with Heaviest Tesla Weightings in Limbo

As in most cases when you mix social media and market influencers, it took just one tweet to send the capital markets spinning yesterday when Tesla co-founder and CEO Elon Musk announced he was mulling the idea of taking the Palo Alto, California-based company private–a move that would affect exchange-traded funds with the heaviest weightings of its stock, leaving them in limbo as they await Musk’s next move.

ETFs affected include VanEck Vectors Global Alt Energy ETF (NYSEArca: GEX), ARK Industrial Innovation ETF (NYSEArca: ARKQ) and First Trust NASDAQ Cln Edge GrnEngyETF (NASDAQ: QCLN). Of the three, only QCLN was a smidgen down at .05%, while GEX and ARKQ were both up slightly at 0.04% and 0.57%, respectively.

Related: Elon Musk: Tesla Going Private is ‘Best Path Forward’


elon musk tweet

With a price of $420 per share, it would effectively bring Tesla’s market value to $71 billion. In an email, Musk expressed to employees that he believes going private would be the “best path forward.”