Why Tesla Stock Soared on Wednesday

Shares of Tesla (NASDAQ: TSLA) soared on Wednesday, rising more than 10% as of 12:20 p.m. EDT.

The growth stock's gain follows news that the company's board of directors approved a 5-for-1 split of Tesla's stock. Some investors may be betting that there will be greater demand for the stock at a lower price point.

But could a spike in demand for the electric-car maker's stock be short-lived? 

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Source Fool.com