Tesla Inc TSLA has finally confirmed after weeks of speculation that it has moved forward with plans for a stock split.
What Happened: Tesla just filed its annual proxy statement with the SEC, revealing plans for a three-for-one stock split.
The news hit Twitter Inc TWTR fast.
TESLA SEEKS SHAREHOLDER APPROVAL FOR 3-FOR-1 STOCK SPLIT $TSLA— FXHedge (@Fxhedgers) June 10, 2022
Tesla already split its stock in 2020, which was five-for-one.
This announcement comes after the recent stock split of Amazon.com, Inc. AMZN, which was 20-1.
Company shareholders will vote on the motion to split Tesla stock, among other items listed on the proxy statement, on Aug. 4.
Also listed in the proxy statement was Oracle Corporation ORCL co-founder and former CEO Larry Ellison will not stand for re-election to the Board when his current term ends at the 2022 annual meeting.
Why It Matters: Starting the year off at $1,199.78, Tesla stock has had a mostly downward trajectory throughout 2022. It had a brief reprieve, spiking when Tesla CEO Elon Musk announced plans in April to take over Twitter. The stock has fallen somewhat steadily as the deal has become contentious over time.
Today’s announcement shows after-market action of only 1.27% up with shares at $696.69, closer to its 52-week low of $593.50 than its high of $1,243.49.
Check back in for more details as the story develops.
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