Tesla Inc will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend, the electric-car maker said on Monday, sending its shares up 5% before the bell.
The proposal has been approved by its board and the shareholders will vote on it at the annual meeting. The stock split, if approved, would be the latest after a five-for-one split in August 2020 that made Tesla shares cheaper for its employees and investors.
Following a pandemic-induced rally in the technology shares, Alphabet Inc, Amazon.com Inc and Apple Inc too have in the recent past split their shares to make them more affordable.
