Tesla stock up as it plans for a stock split

Mar. 28, 2022 6:55 AM ETTesla, Inc. (TSLA)By: Niloofer Shaikh, SA News Editor251 Comments

Tesla Service Center. Tesla designs and manufactures the Model S electric sedan IV

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  • Tesla (NASDAQ:TSLA) has taken steps to pursue a stock split. Elon Musk's EV giant has begun the preliminary measures necessary to conduct a stock dividend, part of a process meant to split its stock.
  • The company has requested stockholder approval to increase in the number of authorized shares of common stock, a move that will enable a stock split of the firm's common stock in the form of a stock dividend.
  • Shares holders will vote on the measure at its upcoming 2022 Annual Meeting of Stockholders.
  • The company's Board of Directors has approved the management proposal, but the stock dividend will be contingent on final Board approval.
  • Previously, the company executed a five-for-one split in August 2020 to make owning the stock easier for its employees and investors.
  • Shares up 5% premarket.
  • Also read, Tesla plans to suspend production at its Shanghai plant for at least one day as the local government intensifies COVID restrictions after a surge in cases in the city.
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