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.

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