Twitter is joining the S&P 500
Posted June 4, 2018 7:20 p.m. EDT
NEW YORK (CNNMoney) — Twitter has made it into the S&P 500.
S&P Dow Jones Indices said Monday that the social media company will replace Monsanto on its index of top US public companies. The company's stock jumped more than 3% after hours following the news.
Last week, the Justice Department approved the sale of Monsanto to Germany's Bayer, so long as the merged agrochemical company divests approximately $9 billion in businesses and assets. Bayer said Monday that the deal was worth $63 billion.
Bayer said it expects to complete the acquisition Thursday. Once the deal is complete, the new conglomerate will retire the Monsanto brand name.
"Bayer will remain the company name," the company said. "Monsanto will no longer be a company name. The acquired products will retain their brand names and become part of the Bayer portfolio."
Meanwhile, Twitter is on the up and up.
In April, the company posted its second consecutive profitable quarter, thanks to renewed growth in its ad sales business. It's also adding users after a stagnant 2017.