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Photo: Wang Gang/VCG via Getty Images

Tesla's share price jumped in after-market trading following the Silicon Valley electric automaker's announcement of a 5-for-1 stock split.

Why it matters: The company's Tuesday evening announcement said the move is aimed at making stock ownership "more accessible to employees and investors."

  • The company's stock price has surged this year and closed yesterday at $1,374-per-share, which is three times higher than where it started in 2020.
  • The stock is up almost 7% in premarket activity this morning.

The big picture: "For Tesla, it helps defend against claims its stock price is inflated by reducing the total cost of one share by 80 percent and giving the company the appearance of having more affordable and accessible shares," The Verge reports.

Yes, but: Reuters notes that "brokerages increasingly let customers buy parts of shares, making the benefit of share splits less clear than in the past."

Go deeper

Affirm files for IPO

Illustration: Annelise Capossela/Axios

Affirm, a fintech company that lets online retailers provide pay-later options for customers, has filed to go public.

Why it matters: The company, founded by PayPal co-founder Max Levchin, is the latest Silicon Valley "unicorn" to file for an IPO as the year draws to a close. A number of tech companies are rushing to go public before the end of the year, including Airbnb and DoorDash, with Roblox and others also rumored to be in the pipeline.

23 mins ago - Health

WHO says Omicron poses "very high" risk

World Health Organization Director-General Tedros Adhanom Ghebreyesus speaking in Geneva in October. Photo: Fabrice Coffrini/AFP via Getty Images

The World Health Organization said Monday in a new risk assessment that it believes the COVID-19 Omicron variant poses a "very high" risk to the globe because it may be more transmissible than other strains of the virus.

Why it matters: Though the WHO acknowledged there are still many uncertainties associated with the variant, the agency said it believes the likelihood of potential further spread of Omicron around the world is "high."

Battle for the soul of a new web

Illustration: Aïda Amer/Axios

A well-funded and intensely motivated chunk of tech's hive mind is finding common cause in a vast new project: rebuilding the web on a foundation of cryptocurrency and blockchain tech. They call it "Web3."

The big picture: Developers, investors and early adopters imagine a future in which the technologies that enable Bitcoin and Ethereum will break up the concentrated power today's tech giants wield and usher in a golden age of individual empowerment and entrepreneurial freedom.