Shares of Tesla jumped at the opening bell Monday after the electric car maker announced its second stock split in less than two years.
It did not say when a split would occur or the ratio of such a stock split, but it would follow similar maneuvers by a trio of tech companies that have seen their shares soar in recent months.And the company is growing. CEO Elon Musk opened Tesla’s first European factory last week, a “ Gigafactory ” in Germany that will employ 12,000 people and produce 500,000 vehicles a year.
A stock split does would change the price-per-stock, but not the overall value of those holdings. It can push up the price of a company’s stock, at least temporarily, and the announcement did just that on Monday.Shares continued to rise after the opening bell, almost 8%, or $77.22, to $1,087.86. Tesla had a 5-for-1 stock split in August 2020, which went into effect one day after the company announced that it planned to sell up to $5 billion worth of its stock. Just three months later Tesla said that it was planning another stock sale, looking to raise up to $5 billion in that offering.
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