- Twitter officially joins the S&P 500 on Thursday, replacing Monsanto (NYSE:MON), which was acquired by Bayer (DE:BAYGN).
- The stock rose 0.6% in early trading.
- Shares have gained almost 6% since the decision was announced after Monday's closing bell.
- Follow Twitter's stock price in real-time here.
Twitter will trade as part of the S&P 500 for the first time on Thursday, replacing Monsanto in the famous benchmark index.
The social network hit a three-year high this week, continuing a red-hot streak that earned it the new spot in the basket of the largest publicly-traded US companies. However, shares are still down 10% from their opening day price of $46.88 back in November 2013.
It's been rocky ride for the stock thus far. Shares nearly tripled in price after the initial public offering, only to drop a full 80% in the two and a half years following. Now, since its low of $13 in May of 2016, the stock has skyrocketed 175% to reach $40.10 ahead of Thursday's opening bell.
As Business Insider reported following the news Twitter would join the S&P 500, companies normally spike upon being added to major indexes. So far Twitter is no different, with shares up almost 6% since the announcement occurred following Monday's closing bell. The company's shares are also expected to rise once they begin trading on the new index as funds that track the entire catalog of S&P stocks buy up the stock.
Monsanto, which Twitter is replacing, was acquired by German rival Bayer in a transaction approved by the US Department of Justice last week.
Shares of Twitter climbed about 0.45% in early trading Tuesday.