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,
-2.72%
is set to join the S&P 500
SPX,
-0.13%,
the broader U.S. equity benchmark, in a little over a week on Dec. 21, at which point Apartment Investment and Management
AIV,
-0.49%,
a real estate investment trust, slides to the S&P 400 Mid Cap index
MID,
+0.17%,
index manager S&P Dow Jones Indices said late Friday.
Related: Tesla’s market cap zooms past $600 billion
Tesla will also join the S&P 100
OEX,
-0.00%,
replacing Occidental Petroleum Corp.
OXY,
-1.97%
Occidental will remain in the S&P 500, S&P Dow Jones Indices said.
Apartment Income REIT Corp., which Apartment Investment and Management is spinning off, will replace coffee and doughnut chain Dunkin’ Brands Group Inc.
DNKN,
-0.03%
in the S&P Mid Cap 400.
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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