Tesla Inc. is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock less expensive for individual investors.
Tesla Inc. is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock less expensive for individual investors after the company became the world’s most valuable automaker. Its shares surged on the news in aftermarket trading.
The split is a timely decision to capitalize on Tesla’s recent surge, which has pushed its valuation to around $256 billion, surpassing the value of Ford Motor Co. and Toyota Motor Corp. combined. With a price as high as $1,643 in recent weeks, the shares are beyond the reach of many smaller stock investors just as the electric-vehicle industry is capturing their imagination.
Tesla has been a favorite stock for day traders and other retail investors, who have helped boost the shares to record highs. At one point last month, nearly 40,000 Robinhood account holders added shares of the automaker during a single four-hour span.
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