New York (CNN Business) Tesla's stock jumped as much as 6% in after-hours trading Tuesday after the company announced a five-for-one stock split, set to go into effect on August 31. Tesla TSLA noted in a statement that the split is intended to "make stock ownership more accessible to employees and investors." A stock split creates more shares of a company without changing the underlying dollar value of any single investor's holdings. By increasing the number of shares available, the company can attract new investors who might otherwise be put off by the high price of a single share.

Source: CNN August 11, 2020 23:15 UTC