Tesla (NASDAQ: TSLA) on Friday confirmed that it will be proceeding with a previously proposed stock split. The announcement follows shareholders granting approval for the company to expand upon its number of permitted shares outstanding at a shareholder meeting held last week.
The stock split is set to occur at a ratio of three for one, and is to be put into effect by way of a share dividend. Shareholders of record are set to receive two shares of the company for each share held as of August 17, 2022.
The company is set to implement the share dividend following the close of trading on August 24, with the company to begin trading on a split-adjusted basis on August 25.
The split, which was initially proposed in early June, is being conducted as a means of making its share more affordable for ordinary investors, such as employees and retail investors. The company last conducted a share split in August 2020, when they split shares on a five for one basis.
Tesla last traded at $864.51 on the Nasdaq.
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