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Breaking: 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 surge as much as 4.54% to $130.69, while Tesla gained 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.

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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.