Tesla Shares Pop 5% After Company Says It’ll Ask Shareholders To Vote On New Shares For Stock Split
Just hours after it was reported that Tesla would be suspending production at its Shanghai factory for “at least four days”, shareholders conveniently have a new piece of news to swoon over after Tesla announced Monday morning it was considering a stock split.
The company will “ask shareholders to vote at this year’s annual meeting to authorize additional shares in order to enable a stock split,” Tesla Tweeted on Monday morning.
Tesla will ask shareholders to vote at this year’s annual meeting to authorize additional shares in order to enable a stock split.
— Tesla (@Tesla) March 28, 2022
Despite the fact that increasing the share count does little to nothing to add value to the underlying business, Tesla stock shot up by 5% after the news was announced, following a trend it set the last time the company split its stock and immediately saw it rise.
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