Tesla proposes a three-way stock split to make its stock more accessible
If the stock split goes into effect on that date, Tesla shareholders will receive two more shares of common stock. Because the value of the shares tends to remain constant, institutional investors are generally indifferent to stock splits.
Tesla also announced that Oracle co-founder Larry Ellison, who is also assisting Elon Musk in his takeover effort for Twitter, will not seek re-election to Tesla’s board of directors. Tesla, on the other hand, has no intention of replacing him. Instead, the board would lower its size from eight to seven seats.