Uber to Join S&P 500, December 18

Ride-hailing service Uber Technologies will join the S&P 500 effective at the open of trading on Dec. 18, along with S&P MidCap 400 (.IDX) constituents Jabil Inc and Builders FirstSource Inc , S&P Dow Jones Indices announced.

The stocks will replace Sealed Air Corp , Alaska Air Group Inc and SolarEdge Technologies Inc in the benchmark S&P 500, joining the S&P MidCap 400 index as of Monday.

The ride hailing service Uber, operates in over 15 major African cities, with some 60,000 drivers in Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa, Tanzania and Uganda.

In 2022, the company announced it had hit 1 billion rides on the continent.

The S&P 500 is a stock market index that is considered as a measure of how well the stock market is performing.

There are about 500 of the largest U.S. companies registered on the S&P 500.

Reuters/Hauwa Abu