(Reuters) - Tesla Inc on Tuesday announced a five-for-one stock split, sending the electric carmaker's recently high-flying shares up 7% in extended trade.

Tesla's stock, which traded at $1,475 after the announcement, is among the highest priced on Wall Street, and the Palo Alto, California-based company said in a press release it was looking to make its shares more accessible to employees and investors.

Over the past 30 days, Tesla was second only to Apple as the most popular stock on the Robinhood trading app, according to Robintrack, a website that tracks Robinhood holdings.

Tesla's stock split should not affect S&P Dow Jones Indices' potential decision to add the company to the S&P 500, which is weighted by companies' overall stock market values.