The S&P 500 isn't "the market"; it's an index. The actual market is very clearly arguing for the inclusion of Tesla given how it's valued so highly over the vast majority of the stock that the index managers have included in the S&P 500. The S&P 500 purports to be representative of the 500 largest public US corporations, and by excluding Tesla they are absolutely failing to do so. When I buy A&P 500 tracking index funds I am not expecting that the index managers themselves are arbitrarily excluding companies that meet the qualifications.

From the S&P's own literature:

> To be eligible for S&P 500 index inclusion, a company should be a U.S. company, have a market capitalization of at least USD 8.2 billion, be highly liquid, have a public float of at least 50% of its shares outstanding, and its most recent quarter’s earnings and the sum of its trailing four consecutive quarters’ earnings must be positive.

Tesla meets all of these qualifications as near as I can tell. It blows the market cap requirement out of the water and has been profitable for the trailing 4 consecutive quarters.

Russell is clamping down on multi-class shares, too: https://research.ftserussell.com/products/downloads/FTSE_Rus...

"Going forward, eligible companies need to have at least 5% of voting rights held by the public. Companies with multiple share classes already in one of the indices will have until September 2022 to change their structures or face removal." ( https://www.dividend.com/news/2017/11/03/companies-multiple-... ). Same link as before.