Tesla Inc (NASDAQ:TSLA) stock is set to split at the top, as the electric vehicle stock’s rally continues.
Today is record day for the proposed 1-into-5 stock split, aimed at making Elon Musk’s car company more accessible to everyday investors.
On its eve, Telsa stock rose by more than 6% on Thursday to close above US$2,000 for the first time.
READ: What is the significance of Tesla's stock split?
In Friday’s premarket trade the rally continued, adding another US$29.48 or 1.47% to change hands at 2,031.
It’s set to be another strong week for rocketman Elon Musk, who recently leapfrogged Louis Vuitton entrepreneur Bernard Arnault to become the fourth name on Bloomberg’s billionaire’s list – with a net worth of US$95bn he trails Facebook’s Mark Zuckerberg (US$102bn), Microsoft’s Bill Gates (US$122bn) and Amazon’s Jeff Bezos (US$194bn).
The stock split will apply to shares held on August 21 (record date) with the new ones to be distributed on August 28 and trading to begin after the stock split on August 31.
Presently, with just one session of stock market trading left before the cut-off, it is anticipated that the new Tesla share price will be marked at around US$400 per new share.