The move is expected to bring in more retail investors.
“While this value appreciation has led to our employees benefiting enormously through the years, we want to make sure all employees, no matter when they join, have access to the same advantages,” the company states.The electric car maker’s stock closed on Friday at $696.69 a share, down 22 percent from the previous day and at a total market valuation of more than $721.8 billion.
If the stock split goes into effect, Tesla shareholders would receive two additional shares of common stock on that date. Institutional investors are largely neutral on stock splits, considering the value of the stock tends to stay the same. “We believe the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity, all of which, in our view, may help maximize stockholder value,” Tesla states. “In addition, as retail investors have expressed a high level of interest in investing in our stock, we believe the Stock Split will also make our common stock more accessible to our retail shareholders.
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