Tesla seeks shareholders’ approval for stock split amid sell-off

The EV manufacturer has also asked shareholders to vote for reducing the term of its board of directors to two years from three years. 

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On Friday, June 10 (GMT), the EV manufacturer Tesla Inc proposed a three-to-one stock split, so to make its shares more affordable for sell-offs. Tesla’s shares are the most valuable in the auto segment.

The voting for the proposed stock split is scheduled on August 4. Tesla said that by splitting their shares employees will have more flexible options to manage their equity and stock will be more affordable for retail shareholders. The EV manufacturer has also asked shareholders to vote for reducing the term of its board of directors to two years from three years.

Apart from the proposed stock split, the company also announced that Oracle Corp’s co-founder Larry Ellison will not stand for re-election to Tesla’s board. Ellison is a close friend of Tesla’s CEO Elon Musk and his term will end this year. The co-founder of the IT giant is also one of the top investors in Elon Musk’s $44 billion Twitter takeover.

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