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This is becoming less true as technology has made total market indexes easy and cheap. Instead of buying the S&P 500, I can buy VTI, so TSLA was in my portfolio before and after, to no real effect.

This is what "getting priced-in" looks like. There are strategies around buying shares of companies where their acquisition has been announced, but hasn't closed. Buying is basically a bet that everything goes smoothly.

> passives didn't enjoy the ride up

Passive investors who only invest in the S&P 500 didn't enjoy the ride up. But there are plenty of other indexes that people invest in passively that would have held TSLA prior to being added to the S&P 500.

I own SCHB, for example, which tracks the Dow Jones U.S. Broad Stock Market index, and would have owned shares in TSLA long before it was added to the S&P 500.