The electric vehicle manufacturing company ‘Tesla Inc.’ has now proposed a three-in-one stock split, which will be making the shares of tesla more affordable followed by the recent sell-offs of the most valuable automobile company in the world.
The company ‘Tesla’ also said that, Larry Ellison, co-founder of Oracle Corp, who a friend of Elon Musk, chief executive officer of Tesla, is not going to stand for the re-election to the board of Tesla when his term ends at the shareholder meeting of 2022.
Larry Ellison has been among the top investors in Tesla, who had promised the funding towards the 44 billion dollars acquisition of Twitter by Elon Musk. The shares of Austin, which a Texas-based Tesla has raised more than 1 percent in the extended trading and they have been decreased by around 40 percent since Elon Musk has now revealed his stake in Twitter in the early days of April 2022.
The shareholders of the company are going to be voting on the proposed stock split of Tesla on 4th August 2022, and if the proposal is approved, it is going to be first such action of the company after a five-in-one split in the month of August 2022.
Tesla said that, the split is going to be enabling its employees for having more flexibility in the process of managing their equity and also making the stock of the company more accessible to their retail shareholders.
Recently, the companies including Amazon, Apple and Alphabet have also split their shares.
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