After a $280 billion rally since late May, Tesla Inc. is using a trusted method for fueling further gains. It may not pan out like that.

Axar.az reports the electric vehicle maker’s second stock split in as many years takes effect when US markets open on Thursday, a move aimed at bolstering an already strong retail investor base. The previous one in 2020 was among a number of factors that drove the stock up more than eightfold that year.

The latest split comes close on the heels of similar moves by Amazon.com Inc. and Alphabet Inc., whose subsequent stock performances have suggested this once dependable tactic to boost valuation is losing its potency amid the ravages of a bear market. Amazon shares fell more than 10% from when it announced the split to the day it became effective, while Alphabet lost 21% between those events.