NEW YORK (BLOOMBERG) - Tesla Inc is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock price less expensive for individual investors after becoming the world's most valuable automaker. Its shares surged on the news in aftermarket trading.. Read more at straitstimes.com.
NEW YORK - Tesla Inc is splitting its elevated shares in a 5-for-1 exchange, a move timed to make the stock price less expensive for individual investors after becoming the world's most valuable automaker. Its shares surged on the news in aftermarket trading.
The split is a time decision to capitalize on Tesla's recent surge, which has pushed its valuation to around US$256 billion , surpassing the value of Ford Motor and Toyota Motor combined. With a price as as high as US$1,643 in recent weeks, the shares are beyond the reach of many smaller stock investors just as the EV industry is capturing their imagination.
MORE ACCESSIBLE Tesla has been a favourite 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. That helped spawn a boom in shares of other electric-car companies -- even those that have yet to actually produce a vehicle.
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