On Friday, Tesla was excluded from the S&P 500 index.br In a note released on Wednesday DataTrek said it was a "brave" decision.br The note said that the exclusion of Tesla surprised DataTrek's cofounder Nicholas Colas.br Colas speculated the S&P 500's committee think Tesla is "profoundly overvalued."br Business Insider reports that Tesla has a market cap of $465 billion.br Tesla "sits on shakier fundamentals," likely contributing to the committee's decision to exclude Tesla, the note said.br Tesla traded at a trailing 12-month price-earnings multiple of 913x on Wednesday, according to data from YCharts.com.