Jack Dorsey's Block Inc. to be Added to the S&P 500 Index

Block Inc., a financial technology firm led by Jack Dorsey, is scheduled to join the S&P 500 index on July 23. The company's stock price surged over 10% in after-hours trading.

Following Chevron's acquisition of energy producer Hess Corp. for $53 billion (approximately 7.9 trillion yen), Hess Corp. will be removed from the S&P 500. Block Inc. will be incorporated in its place.

To be included in the S&P 500, a company must meet several key requirements, including a market capitalization of over $18 billion (approximately 2.7 trillion yen), a public float of at least 10%, and profitability on a GAAP basis for the most recent quarter and the past four quarters.

S&P50...