Hyperdrive
Tesla Files to Split Shares 3-for-1 as Investors Bail on Stock
- Move comes as electric-vehicle maker shares fall 34% in 2022
- Company says Larry Ellison will step down from the board
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Tesla Inc. said it will ask shareholders to approve a 3-for-1 stock split at their August annual meeting, according to a proxy statement filed Friday after the market close.
The stock briefly jumped 2.2% in postmarket trading on the news, but pared some of the gains to trade up 0.9% at 5:38 pm. The proposed split in the form of a dividend comes amid a sharp selloff in Tesla, which saw its shares underperform broad markets. The stock is down nearly 35% this year, compared with a 18% drop for the S&P 500.