Tesla Up 7% After Stock Split

On Wednesday, Tesla stock rallied as much as 7% in early trading.

According to Business Insider the boost comes after the company revealed a five-for-one stock split scheduled for August 28.

Every Tesla shareholder will receive four additional shares that, when added to their existing share, will equal the stock's pre-split value.

The split itself won't change Tesla's market cap.

However, it may pull in smaller investors who couldn't previously afford shares.