Shares of Tesla jumped at the opening bell yesterday after the electric car maker announced its second stock split in less than two years.
The company said in a regulatory filing, and also in a tweet, that it plans to make a request at an upcoming annual shareholders meeting to increase its number of authorized shares so that it can split the stock in the form of a dividend.
It did not say when a split would occur or the ratio of such a stock split, but it would follow similar maneuvers by a trio of tech companies that have seen their shares soar in recent months.
Tesla’s shares are up more than 60% over the past year, with each costing more than $1,000.
And the company is growing. CEO Elon Musk opened Tesla’s first European factory last week, a “ Gigafactory ” in Germany that will employ 12,000 people and produce 500,000 vehicles a year.
“Given the stock’s meteoric run it’s not a surprise that Musk & Co. are heading down the path of another stock split especially, said Dan Ives, who follows Tesla for Wedbush.
