Apple and Tesla shares skyrocket after stock splits

The world’s most innovative technology companies are on the rise again. Just a few hours ago, Apple’s shares gained as much as 4.54% to $130.69, while Tesla share price climbed as much as 12% to trade at $497.

Tesla’s shares surged to almost $500 following a 5-for-1 split. Nearly 70 million shares had changed hands as at 1 p.m., two-thirds of the daily average over the past year.

The stock prices of both technology companies have soared in recent months, with Tesla advancing more than 474% this year and Apple gaining 76%.

Apple is now the only publicly listed U.S. company with a market capitalization of over $2 trillion, while Tesla — an electric vehicle maker that aims to deliver just about half a million cars this year — has overtaken major corporations such as Walmart Inc., Visa Inc., and Johnson & Johnson.

After closing high on Friday, Tesla shares gained roughly $500 following a 5-for-1 split. Nearly 115 million shares had changed hands on Monday.

A similar trend also occurred with Apple after a 4-for-1 split that also took effect on Monday. The Macbook maker had traded for more than $500 a share, a price tag so great it came to represent 12% of the Dow Jones Industrial Average.

That fell below 3% in the price-weighted index on Monday with Apple at around $129 a share.

Apple shares closed up 3.4% to $129.04 Monday, while Tesla added 13% to $498.32.