The outlets in your home’s walls are connected via wires that run through conduits to the breaker box/power panel in your home, and are connected through that point to the power lines that feed your home.
When you plug in an extension cord, you’re just adding more length to the wires that run to your power outlet, extending the reach so you can connect other things that may not be able to easily reach the outlet.
If you are plugging multiple things into an extension cord, it does not split the voltage, but it does increase the load on the wires bringing the electrical current, which is why you should avoid overloading extension cords or plugging too many items into a single outlet.
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