Tesla submitted its annual proxy statement with the Securities and Exchange Commission, revealing that it planned a three-for-one stock split and that board member Larry Ellison would not seek re-election. stock was up more than 1% after hours after closing at $696.69 on Friday.
Our success depends on attracting and maintaining exceptional personnel,” the firm noted in the filing, adding that “very competitive pay packages,” which gave every employee the chance to obtain ownership, helped Tesla achieve so. “We believe the Shares Split will help reset the market price of our common stock, giving our employees more control over their investments.”
The electric vehicle and renewable energy company also announced that board member Larry Ellison holds 1.5 percent of Tesla shares in its 2022 proxy statement. Ellison intends to step down from his position on Tesla board of directors. According to the report, Elon Musk, the CEO of, owns 23.5 percent of the company’s stock, while Vanguard owns 6%. Since late 2021, Musk has sold a significant portion of his Tesla shares, in part to fund a stake in Twitter, the social networking company he agreed to buy for $44 billion.