Tesla to seek investor approval for 3-for-1 stock split
June 10 (Reuters) - Electric vehicle maker Tesla Inc TSLA on Friday proposed a stock split at a three-to-one ratio in the form of a stock dividend, according to a regulatory filing.
The proposal will be put to vote on August 4 and if approved, it would be the latest after a five-for-one split in August 2020. nL3N2VV2FB
Tesla will also ask shareholders to vote to reduce its board of directors' terms to two years from three. If approved, directors' terms would be staggered over two years.
While stock splits make shares of a company cheaper for its employees and investors, some brokerages already allow customers to buy fractions of individual shares, which makes the benefit of stock splits less exaggerated than in the past.
(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)