Tesla proposes 3-to-1 stock split as Oracle co-founder Larry Ellison, friend of Elon Musk, prepares to leave board
Tesla says a stock split will enable workers to “have more flexibility in managing their equity” and make its stock “more accessible to our retail shareholders”
The company also said Ellison, who promised funding for Musk’s Twitter acquisition, will not stand for re-election when his term ends this year
The logo of electric car manufacturer Tesla seen at a branch office in Bern, Switzerland, on October 28, 2020. Photo: Reuters
Electric vehicle maker Tesla Inc on Friday proposed a three-to-one stock split, making its shares more affordable following recent sell-offs of the most valuable automaker.
The company also said Oracle Corp co-founder Larry Ellison, a friend of Tesla chief executive officer Elon Musk, will not stand for re-election to Tesla’s board when his term ends at this year’s shareholder meeting.