Tesla Inc.’s months-long rally took a pause Friday as the stock retreated following seven sessions of gains after the electric-vehicle maker’s shareholders approved a three-for-one stock split on Thursday.
The split -- aimed at attracting an even larger number of retail investors, who have been piling into the stock -- will bring Tesla’s shares down to the $300 range. The Austin, Texas based-company in a regulatory filing on Friday said each stockholder of record on Aug. 17 will get a dividend of two additional shares for each stock held, to be distributed after the market close on Aug. 24. Trading on a split-adjusted basis will begin on Aug. 25. Tesla first announced its plan on March 28 via a tweet.