After Google, Amazon, and now Musk's Tesla, suggested a 3-for-1 stock split.

According to tweeter Tesla tweeted yesterday, every shareholder has a common opinion in our direction, including deciding on whether Tesla should be allowed to do a 3:1 stock split.

On August 4th, shareholders will vote on the plan during Tesla's annual meeting.

The shares increased by about 40% after the EV manufacturer's 5-for-1 stock split in August 2020.

The S&P 500 index SPX has dropped about 18% this year, or 0.90%, while Tesla shares have fallen 34%.

Tesla alone made nearly $3.3 billion in net profitability in Q1 of 2022.

Separately, the business confirms that Larry Ellison, the executive chairman of Oracle and a Tesla board member, is set to resign.

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To reach 4,000,000,000 authorized shares, Tesla Board is aiming to do so.

With a market cap of $720.49 billion as of July 2022, Tesla is the sixth most valuable corporation in the world.

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The stock splits mainly serve as symbolic gestures, but lower stock prices make stocks more accessible to a larger range of investors.