Tesla lays groundwork for 3-to-1 stock split
The stock, based on Friday’s closing price of $696.69 would bring the shares down to $232.23 likely attracting a new crop of smaller investors. The company is seeking to authorize an additional $4 billion in stock.
"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" the company added. So far this year, Tesla shares have fallen 34% more than the Nasdaq Composite’s 27% slide as inflation and rate hike fears batter U.S. financial markets. Earlier this year, Musk warned that inflation was likely a bigger problem than how it appeared in early Spring.
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