REUTERS: Tesla Inc on Tuesday announced a five-for-one stock split, sending the electric carmaker's recently high-flying shares up 7per cent in extended trade.
Stock splits are a way for companies to make shares more accessible to retail investors, potentially attracting individual investors who make small trades. However, brokerages increasingly let customers buy parts of shares, making the benefit of share splits less clear than in the past. Tesla's stock split follows a four-for-one split announced by Apple Inc in late July, the iPhone maker's first stock split since 2014.Stock splits have become rare on Wall Street in recent years, with just three S&P 500 components announcing splits in 2020, compared with an average of 10 a year over the past decade, according to S&P Dow Jones Indices.
While many institutional investors have avoided Tesla's stock in recent years due to a lack of consistent profitability, the company has a strong following among individual investors.
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