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    • Why Tesla's stock is so much cheaper today

    Tesla Supercharger at a shopping plaza parking lot in Northbrook, Ill., on Aug. 10, 2022. (Nam Y. Huh / AP) Tesla Supercharger at a shopping plaza parking lot in Northbrook, Ill., on Aug. 10, 2022. (Nam Y. Huh / AP)
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    Tesla's stock price was set to drop at the opening bell Thursday, but not because of anything Elon Musk tweeted about , , SpaceX updates, or his

    The electric car company completed a 3-for-1 after the closing bell Wednesday. So one share now costs a third of what it did a day ago. Tesla closed around $891 on Wednesday, which means it was trading a little under US$300 Thursday.

    Tesla in June, its in the past two years. But before you start celebrating about how one Tesla share is now "cheaper," keep in mind that nothing changes with Tesla's valuation.

    The company is still worth more than $930 billion after the split. Shares continue to trade at a lofty multiple of more than 70 times 2022 earnings forecasts — a huge premium to the valuations of traditional auto companies like Ford, GM, Volkswagen and Toyota.

    And the stock is still down about 15% this year, as investors worry about growing competition in the EV market from traditional automakers as well as Musk's many possible distractions. (. The Twitter takeover soap opera. The list goes on.)

    The only thing that the stock split changed is that existing investors now own three times as many shares of Tesla trading at one third of the price they ended at on Wednesday.

    That includes Musk, the world's richest person with a net worth of about $264 billion, Musk still owns approximately 15% of Tesla's common stock.

    Companies with high share prices often split their stocks to make the cost of one share more affordable for individual investors. The rationale is that some investors might be more inclined to buy a stock if it is trading at a lower price.

    Amazon, Shopify, Google owner Alphabet and meme stock GameStop have all in the

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    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

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    Canada

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    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • Two people emerged unhurt after a float plane had a hard landing late Friday morning on Lake Temiskaming.

    • A field trip aimed at educating Toronto students about the plight of a northern Ontario First Nation ended with them taking part in a protest where pro-Palestinian slogans were shouted.

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    Business

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    • They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    Sports

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      WATCH LIVE

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    Autos

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.

    Local Spotlight

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    • A field trip aimed at educating Toronto students about the plight of a northern Ontario First Nation ended with them taking part in a protest where pro-Palestinian slogans were shouted.

    • Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.

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    • Calgary pickleball players will soon have a dozen new courts to play on.

    • WATCH LIVE

      WATCH LIVE

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    • A man who asserted his right to work in French has won his case before the Tribunal, invoking the new provisions of the province's French-language law (Bill 96) to that effect.

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    • Edmonton police say a man who was died in the river valley last weekend was fatally shot.

    • DEVELOPING

      DEVELOPING

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    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Two people emerged unhurt after a float plane had a hard landing late Friday morning on Lake Temiskaming.

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    N.L.

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