The five-for-one stock split announced Tuesday won't change how much Tesla's business is worth, but will automatically reduce the price of its shares by 80 per cent when it's completed on August 31. Trading will begin on a stock split-adjusted basis on August 31, 2020. Tesla's per-share value closed at $1,374.39 on Tuesday - giving the firm a total market value of $256.1 billion. The shares, which have more than quadrupled since March to close above $1,600 last month, pared a gain of as much as 7 per cent early Wednesday to trade up 4.8 per cent to $1,440.63 as of 9:46 a.m.in NY.
It is unclear what the resulting share price will be when Tesla's split stock begins trading at the end of the month - it depends on what happens to the price in the meantime.
Tesla shares have been soaring since late 2019 and the split will make it easier for smaller investors to afford the stock.
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The split means the price of each share in the company will be reduced by 80 percent.
The idea of splitting stock is not to reduce the value of the company as a whole, however. At the beginning of the month Apple announced its first stock split since 2014. Incidentally, those tweets also sent Tesla share prices rocketing at the time. Those factors often spark rallies after a split is announced.
It marks the first time that Tesla has split its stock since the Palo Alto, California, company went public at $17 per share a decade ago.
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Tesla's move follows one from Apple, which on July 31 announced a similar stock split, the fifth in its history. Any investor who bought $10,000 worth of stock at that IPO price and would now have stock worth about $860,000.
Prices rose sharply after the announcement, closing at $437.50 yesterday. The stock, which traded at around $1,467 before the bell on Wednesday, is among the highest priced on Wall Street.
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