NEW YORK — Unlike its cars, Tesla shares are about to get less expensive.
Tesla is splitting its stock 3 for 1, so after the close of trading Wednesday investors will receive two additional Tesla shares for every one they owned as of Aug. 17.
In theory, that should drop Tesla’s share price by about two-thirds before trading starts on Thursday.
Stock splits don’t make a company more valuable or more profitable, but the hope is the stock looks affordable to more investors.
Tesla joins stock market heavyweights Amazon and Google parent Alphabet in splitting their high-priced shares this year.