According to the latest report, Tesla just submitted a proxy statement to the U.S. Securities and Exchange Commission, saying that the company plans to conduct a 1:3 stock split. Tesla shares rose about 1% in after-hours trading on the news.
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Tesla said, “Our success depends on attracting and retaining great talent. Extremely competitive compensation, and stock awards for all employees, contribute to Tesla’s success. We believe that a stock split will help adjust the stock price, and employees will have more flexibility in managing their stock awards.”
The proxy statement also states that Elon Musk currently owns 23.5% of Tesla stock and asset management firm Vanguard owns 6%. Musk has sold a sizable chunk of Tesla stock since late 2021, in part because of an increase in Twitter stock. Tesla had a 1:5 stock split in August 2020.
