Tesla is filing to split its shares into three parts to make them cheaper for buyers, but the shareholders have yet to officially receive the request.

Although already filed with the SEC on Friday, June 10, Tesla will be tabling it to its shareholders on August 4. It is aiming to reset its stock price and bring in new buyers.

Tesla last split its stock in August 2020, but since then, the price has risen by more than 43.5 per cent to about $696.69 per share. Splitting this into three will make it possible for small-time investors with limited funds to buy into the company.

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In a statement, Tesla explained:

“We believe the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity, all of which, in our view, may help maximize stockholder value.

“In addition, as retail investors have expressed a high level of interest in investing in our stock, we believe the Stock Split will also make our common stock more accessible to our retail shareholders.”

If approved for the split, old-time shareholders get two additional shares on the day it goes into effect.

In additional news, Tesla revealed that Larry Ellison, co-founder of Oracle and a close pal of the company’s CEO Elon Musk, will not be up for re-election to the board of directors. With Ellison out, the electric car company will reduce its board seats to seven.

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