Key Points:

• Michael Saylor’s company, MicroStrategy (MSTR), was notably omitted from the S&P 500 index despite fulfilling all necessary criteria for inclusion.
• Following this news, the company’s stock plummeted almost 3% in after-hours trading, nullifying the previous gains on Friday.
• Conversely, Robinhood (HOOD) was unexpectedly added to the S&P 500, resulting in a 7% increase in its stock price after the market closed.

In a surprising turn of events on Friday, Robinhood’s stock emerged victorious after being listed among the prestigious S&P 500 index, marking a notable rise in its value as market participation concluded. This inclusion is set to officially take effect on September 22.

Previously, only two companies related to cryptocurrency held positions within the index: Coinbase (COIN) and Jack Dorsey’s Block (XYZ). With Robinhood’s entry, it joins this elite company.

Read more: Strategy Qualifies for S&P 500, Inclusion Decision Could Come on Friday