Tesla is looking to reward its shareholders with more stock as shares have fallen 4.4% this year through Friday's close.
Catch up quick: The carmaker wants to split its stock so it can pay a stock dividend, an SEC filing dated today shows.
- The company is set to ask shareholders to approve an increase in the number of outstanding shares of its common stock to do so at its annual shareholder meeting later this year.
By the numbers: Tesla said it’s authorized to have 2 billion shares outstanding – almost double what it had as of the end of January.
- Its only other stock split, back in August of 2020, was 5-to-1, which adjusted its $2,213 pre-split to $498.32.
- Tesla’s stock closed up 8.0% today.
The big picture: Alphabet and Amazon are planning to split their stocks too to make shares more affordable following the pandemic-driven market rally.