A stock split re-slices the pie without changing the pie P ÷ 2 1 · you own N shares at P shares you hold 8 → 16 price per share P → P ÷ 2 2 · forward · 2-for-1 each share becomes 2 at price P ÷ 2 ownership % · market cap · the business — unchanged the pie is your slice-stack: shares × price per share, kept whole
8 × P = 16 × (P ÷ 2) share count and price move inversely — the pie (your value N × P) is unchanged
4 · value, ownership, market cap — all unchanged
the split re-labels shares; it does not change the business
5 · never a reason to act by itself
the ~2–4% post-announcement premium is correlation — momentum and price illusion, not the split's math (historical, not a guarantee)
6 · the deciding question: why split now?
accessibility, index eligibility, optics — not because the ticker price shrank