Tesla shares shoot up 7% after the announcement of five-for-one stock split.

$特斯拉 (TSLA.US)$ stock jumped as much as 7% in after-hours trading Tuesday after the company announced a five-for-one stock split to make stock ownership more accessible to employees and investors, set to go into effect on August 31.

Tesla's stock is on a roll this year, despite challenges presented by the coronavirus pandemic. Shares have risen more than 200% since January to $1,374.