Oracle co-founder Larry Ellison to depart Tesla's board.
Tesla Inc. has proposed a 3-for-1 stock split in its proxy statement filed late Friday, saying it would provide more flexibility for its employees managing their equity and serve as a recruiting tool.
Tesla stock (TSLA) rose nearly 2% in the extended session Friday after the news, which would put the electric-vehicle maker in company with Amazon.com Inc. (AMZN), which did a 20-for-1 split earlier this month, and Google parent Alphabet Inc. (GOOGL), which similarly to Tesla had to get shareholder approval to complete its 20-for-1 split also in early June.
The split would be Tesla's second in as many years. The EV maker did a 5-for-1 stock split in August 2020, and the shares are up nearly 40% since.