Tesla is set to seek investor approval to increase its number of shares to enable a stock split in form of a dividend, according to a report by Reuters on Monday.

  • The plan has been approved by its board, and the shareholders will vote on the proposal at an annual general meeting.
  • Upon approval, the stock split would be the recent move after a five-for-one split in August 2020 that made stocks Tesla affordable for its investors and employees.
  • After a pandemic-driven surge in the tech stocks, Alphabet Inc, Amazon.com, and Apple Inc have recently split their shares to make them cheaper.
  • Tesla is now trading past $1000. Since the stock split in 2020, Tesla’s shares have soared 128%, expanding the market cap to over $1 trillion.

Tesla’s electric cars are among the most sold, and it produced and delivered almost a million cars yearly while expanding production by setting up new factories in the US and Europe. TSLA: NASDAQ is up +5.18%