Tesla plans 3-way stock split to make its shares affordable

San Francisco : Elon Musk-run Tesla has asked its shareholders to approve a three-way stock split which will make its share more affordable.
Tesla stock has jumped 43.5 per cent since the company’s last stock split in August 2020.
“The primary purpose of the Authorised Shares Amendment is to facilitate a 3-for-1 split of our common stock in the form of a stock dividend,” the company said in a fresh US SEC filing late on Friday.
“As of June 6, 2022, we have 1,036,390,569 shares of common stock outstanding, and the current number of authorised shares of our common stock is 2,000,000,000, which is insufficient to effectuate the Stock Split,” said the electric car-maker.
If the stock split goes into effect, Tesla shareholders would receive two additional shares of common stock on that date.
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