Tesla Inc (TSLA.O) said trading in its three-for-one split shares will start on Aug. 25; after the electric vehicle maker’s shareholders approved the proposal during its annual meeting.
Shareholders of the EV maker voted for board recommendations on most issues at the company’s annual meeting. Including re-electing directors, approving a stock split, while rejecting proposals focused on environment and governance.
Chief Executive Elon Musk owns 15.6% of Tesla, according to Refinitiv data, after selling millions of shares last year.
Each stockholder of record on Aug. 17 will get a dividend of two additional shares for each share held, to be distributed after close of trading on Aug. 24, the company said.
The new share split comes two years after a five-for-one split helped bring down the price of the high-flying stock within the reach of ordinary investors.