Richard Drew / AP Photo
- Both Tesla and Apple rose 5% to record highs on Friday as the two companies prepare to split their stock next week.
- Tesla’s stockholder record date is close to Friday trading, while Apple’s stockholder record date is Monday, August 24.
- Following their respective record dates, Tesla and Apple’s stock split will take effect and trade at their new split-adjusted price on August 31.
- Visit Business Insider’s homepage for more stories.
Investors continue to bid for Apple and Tesla shares ahead of their respective share splits.
Both California-based, mega-cap, technology-focused companies rose nearly 5% to record highs on Friday.
For the week, Tesla is up 27%, while Apple is up 8%. And since the announcement of their respective stock split on Friday, Tesla shares have risen 52%, and as of Friday afternoon trading, Apple shares are up 27%.
Record steps for both companies come ahead of their ready stock split. Tesla will be making a 5-for-1 stock split on August 31. Apple is doing a 4-for-1 stock split on the same date.
Tesla’s stockholder record date is close to Friday trading, while Apple’s business is expected to arrive on Monday August 24.
Read more: A JP Morgan equity major confines the stock for another year, even if a vaccine is a success – but says investors can still make big gains in these 11 sectors and regions
The stockholder record date is when the company determines which shareholders are entitled to receive additional shares due to the split. This is simply a corporate bookkeeping function.
Investors who buy shares of Tesla after today’s stockholder record date, but before the effective date, will receive five shares for every single share purchased once after the split on August 31. Ditto for Apple.
While Tesla’s $ 378 billion market value has just been eclipsed by Walmart, Apple still has a long way to go to reach $ 2.03 trillion, according to data from YCharts.com.
This will be Apple’s fifth stock division in its history, and Tesla’s first.