On Monday (31 Aug), both Tesla and Apple completed stock splits (greatly reducing the average price of their shares by increasing the number in circulation).
The reduced prices attracted yet more buyers with Tesla shares gaining some 12.5% and Apple shares moving ahead 3.4% on the day.
By Friday of last week, Tesla shares were up some 420% in 2020 and trading at around $2,240. By issuing existing shareholders an additional four shares for each share held on 21 August, Tesla’s 5-1 stock split reduced the price of its shares to around $443 on Monday before they rallied higher to end the day at just over $498 a share.
The tremendous interest in Tesla shares has seen the net worth of CEO and founder, Elon Musk, jump some $88bn this year, making him the world’s third-richest man.
Meanwhile, Apple completed a 4-1 split on Monday reducing the price of its shares by around $400. They ended the day at just over $129 a share.