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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.

Updated 20 mins ago - Politics & Policy

Barr says DOJ has not seen evidence of fraud that would change election results

Photo: Kent Nishimura / Los Angeles Times via Getty Images

Attorney General Bill Barr told the AP on Tuesday that the Department of Justice has not uncovered evidence of widespread voting fraud that would change the outcome of the 2020 presidential election.

Why it matters: It's a direct repudiation of President Trump's baseless claims of a "rigged" election from one of the most loyal members of his Cabinet.

49 mins ago - World

Israel headed for early elections as Gantz-Netanyahu coalition falls apart

Gantz (L) with Netanyahu. Photo: Gali Tibbon/Pool/AFP via Getty

Israel's governing coalition is falling apart, setting the stage for the fourth election in two years.

Driving the news: Defense Minister Benny Gantz announced tonight that his Blue and White party would vote in favor of dissolving parliament on Wednesday because Prime Minister Benjamin Netanyahu — Gantz's political rival turned coalition partner — was refusing to pass a budget and reneging on their power-sharing deal.