Tesla added over $84 billion to its valuation on the stock market after it announced that it is planning a second stock split in the following years. Stock splits for large companies has returned to the limelight after Amazon.com said earlier this month that it would do a 20-for-1 stock split, as these companies try to make their stocks more appealing to individual investors.

The company is the biggest gainer on the NYSE FANG+ Index this year. On Monday, the shares of Tesla closed up 8 per cent at $1,091.84. The last time the electric vehicle company split its stock was in August 2020. Its share price had increased 743 per cent that year.