Tesla, Shareholders approved the 3-for-1 Stock Split!

Aug 5, 2022 thejournalbiz

Tesla’s investors cleared the way for the company to complete its second stock split in about two years.

Musk’s electric-vehicle maker Tesla, whose stock price has roughly tripled in the past two years, approved a 3-for-1 stock split that the company has said is designed to make ownership more accessible to employees and individual investors.

Musk’s Tweet on shareholder voting process

Still time to vote! https://t.co/ZbFWv0pkgG

— Elon Musk (@elonmusk) August 1, 2022

The move wouldn’t affect the company’s market value, which topped $970 billion as of Thursday, the day when the decision is made.

Tesla generated $2.3 billion in profit for the period, ahead of Wall Street’s expectations but below its record quarterly profit of $3.3 billion in the first three months of the year.

An extended shutdown at Tesla’s Shanghai assembly plant, paired with global supply-chain disruptions and labor shortages weighed on results.

Chief Financial Officer Zach Kirkhorn said that,

Company’s July earnings call that Tesla was still aiming for 50% vehicle-delivery growth this year over 2021

Mr. Musk has previously used the company’s annual meeting as a platform for corporate announcements. Last year he said Tesla was moving its headquarters to Texas.