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

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

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.

  • Tesla shares are up over 30% since announcing the 3:1 split in early June

While the news of Tesla’s 5:1 stock split roughly two years sent shares over 70% higher in the 20 days following the announcement.