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

Dan Primack, author of Pro Rata
Sep 17, 2020 - Economy & Business

Breaking down Snowflake's massive IPO

Illustration: Sarah Grillo/Axios

Snowflake on Wednesday went public in the largest software IPO of all time, and then kept running like the Energizer Bunny on speed. By the time it was over, the company was worth over $80 billion.

Background: Snowflake was founded in 2012 to build data warehousing and analytics services for other businesses — audaciously seeking to both compete with Amazon while also building on top of it.

Dan Primack, author of Pro Rata
Sep 16, 2020 - Economy & Business

Snowflake is largest software IPO ever

Photo illustration: Aïda Amer/Axios. Getty Images photo: Taylor Hill/FilmMagic

Snowflake, a Silicon Valley cloud data warehousing company, on Tuesday night raised $3.4 billion in what is the largest software IPO ever.

Between the lines: Snowflake loses money, but got a big boost of confidence when Warren Buffett's Berkshire Hathaway agreed to invest $500 million concurrent to the IPO.

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441Map.
  2. U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
  4. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  5. Business: America is closing out its strongest quarter of economic growth.
  6. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  7. Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
  8. Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.

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