Tesla to ask shareholders to vote on authorizing more shares

[March 28, 2022]  (Reuters) - Tesla Inc said on Monday it would ask shareholders to vote at its annual meeting to increase the number of additional shares in order to enable a stock split.

Model Y cars are pictured during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS
 

The Austin, Texas-based company's shares rose nearly 4% to $1,049.05 in trading before the bell.

The stock split, if approved, would be the company's latest after a five-for-one split in August 2020 to make owning the stock easier for its employees and investors.

It comes on the heels of stock splits announced by tech giants including Alphabet Inc, Amazon.com Inc and Apple Inc in recent years as they gain in a pandemic-induced rally in the sector.

Tesla said its board had approved the management proposal, but the stock dividend will be contingent on final approval.

(Reporting by Nivedita Balu and Akash Sriram in Bengaluru; Editing by Maju Samuel)

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