The board member Larry Ellison does not plan to be re-elected, and the company just filed its annual proxy statement with the SEC.
The shares of the company were up after hours.
The company wrote in the filing that it depended on attracting and retaining excellent talent and that highly competitive compensation packages helped to do that. The stock split will help reset the market price of our common stock so that our employees will have more flexibility in managing their equity.
Smaller investors feel they can afford the stock even though they are minuscule compared to major institutions. Small investors can buy a slice of seemingly expensive stocks via fractional trading.
Larry Ellison is a board member of the electric vehicle and renewable energy business. The filing did not say who would replace Ellison on the board.
According to the filing, Musk holds 23.5% of the company's stock. In order to shore up his stake in the social networking giant, Musk sold a lot of his stake in the electric car maker.
In August 2020 there will be a five-for-one stock split byTesla.
The annual shareholder meeting will be held online and a limited number of shareholders will be invited to attend in person at the new factory.
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