Tesla has filed its annual power of attorney with the SEC and said it plans to split the shares into three. Thus, for each share held, one person will have three after breaking it. Tesla shares rose more than 1% after trading hours, closing at $ 696.69 on Friday.
Surprise move. Tesla announces that the breakdown of the shares “three by one”. The company also revealed the involvement of Elon Musk
In the document, the company wrote about the proposed division of shares: “We believe that the division of shares would help to reset the market price of our shares.”
A stock split is cosmetic and could mean that smaller investors feel they can afford to buy shares, but these investors are tiny compared to large institutions. Many brokerage agencies already offer investors fractional trading, allowing small investors to buy a slice of seemingly expensive shares.
The document also states that Tesla CEO Elon Musk currently owns 23.5% of Tesla shares and Vanguard owns 6% of Tesla shares. Musk has sold a sizeable stake in Tesla since the end of 2021, in part to support a stake in Twitter, the tech giant he has agreed to buy for about $ 44 billion.
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