Tesla  (TSLA) is planning to split its stock 3-for-1

Tesla just filed its annual proxy statement with the Securities and Exchange Commission, revealing its plans for split.

Shares of Tesla were up by over 1% late night having shut at $696.69 on Friday

“We believe the Stock Split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity", the company said.

Tesla last split its stock in August of 2020. Its shares are up 43.5% from that point forward

Yet, before the board of directors can support the stock split, the organization needs to get current investors to approve an expansion in the quantity of authorized shares accessible.

“The current number of authorized shares of our common stock is 2,000,000,000, which is insufficient to effectuate the stock split,” Tesla said in the filing

The Authorized Shares Amendment provides for an increase in the number of authorized shares of Tesla’s common stock from 2,000,000,000 shares to 6,000,000,000 shares

Board member Larry Ellison currently owns 1.5% of Tesla shares

Tesla CEO Elon Musk currently holds 23.5% of Tesla shares and Vanguard holds 6% of Tesla shares

Tesla plans to hold its annual shareholder meeting on Thursday, Aug. 4, 2022 to allow shareholders to vote on the increase in authorized shares