Shares of Apple fell 2% on Wednesday from their record, while Tesla also slipped from its all-time high, dropping 5.8%. Tesla plunged as much as 14.7% at its session low. The duo has enjoyed huge rallies after the announcements of their stock splits, which aim to lure more interest from regular investors.
Apple, the only U.S. company with a market cap over $2 trillion, soared nearly 40% since the tech giant declared the corporate action on July 30. Meanwhile, the electric-car maker skyrocketed more than 70% following the 5-for-1 stock split announcement on Aug. 11.
Their splits took place on Monday, which sparked another knee-jerk pop in both stocks. Tesla jumped more than 12% that day, while Apple gained more than 3%.
A stock split theoretically could boost retail share ownership as the cheaper stock price is more accessible for individual investors. However, it doesn't change a company's underlying fundamentals or the intrinsic value of its shares.
Tesla's decline on Wednesday also came as its largest outside shareholder, Baillie Gifford, trimmed its position in the company to less than 5% from 6.3%.
The two companies have been among this year's biggest winners as investors continued to embrace high-growth tech as well as the booming electric vehicle market. Shares of the Elon Musk-led company have soared a remarkable 460% in 2020, while Apple has risen more than 80%.
Amid the incredible run, Tesla said Tuesday it will sell up to $5 billion in new shares.
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