Shareholders of electric vehicle maker Tesla (TSLA) have approved a 3-for-1 stock split.
The stock split will be executed on August 24 and will lower Tesla’s share price to about $288
U.S. based on where it is currently trading. Trading on a split-adjusted basis will begin on
Tesla first announced its plan to execute a stock split in March of this year but waited to put the
vote to shareholders at its annual meeting held late last week.
This will be the second time in two years that Tesla has split its stock. The company executed a
5-for-1 stock split in August 2020, leading to a 60% rise in the share price.
Tesla stock is down 28% so far this year and trading at $864.51 U.S. per share.