Electric automaker shares opened at $302 after the split but fell to $296.07 on Thursday and $288.09 on Friday.

Stock splits like Tesla's don't affect a company's fundamentals but allow smaller trades. In August 2020, when its shares topped $2,000, the carmaker split its stock five-for-one.

“In typical buy-the-rumor, sell-the-news style, investors drastically scale back split stock purchases in the weeks after the effective date,” Vanda Research analysts said.

Stock splits make it easier for investors to make smaller trades, but Reuters notes that the benefits are becoming less clear as many brokerage platforms allow customers to buy fractional shares.

Since the three-for-one split was announced in March, Tesla shares have fallen 11% and 16% this year.

The split came after Tesla tightened its grip on the U.S. luxury car market for 2022. 228,989 new Teslas were registered between January and June, up from 142,543 in the first half of 2021.

Tesla is ahead of BMW, which reported 157,838 registrations for H1 2022, Lexus, Mercedes, and Audi, which combined for 133,520 registrations.