James Glover II | Reuters Tesla wants to split its shares so it can pay a share dividend to shareholders, according to a deposit Monday. The Hellenic Capital Market Commission stated that the electric car manufacturer will request at the annual general meeting of its shareholders “to increase the number of approved shares of the common share … in order to be able to split the shares of the common share of the Company in the form share dividend “. A share dividend is a dividend paid to shareholders in the form of additional corporate shares instead of cash. These dividends do not affect the value of a company, but reduce its share price. Shares rose 4.5% in pre-orders to around $ 1,055.99. Tesla last split its shares in August 2020. The share has more than doubled since this 5-on-1 split took effect on August 31, 2020. The news comes as Tesla shares have struggled this year, falling 4.4% for 2022 until the close of Friday. That said, the stock jumped 49.8% in 2021 and rose 743.4% in 2020. Tesla shares have also risen in each of the last five years. The move also follows a Bloomberg News report stating that Tesla will stop production at its Shanghai plant due to the Covid-19 lockdown in China.
