Shares of electric vehicle maker Tesla rallied in after-hours trading Thursday as the company won shareholder approval for a 3:1 stock split, the second such move in around two years, as the world’s most valuable automaker looks to make its stock more affordable.

In a widely expected move, Tesla shareholders approved the company’s proposed 3:1 stock split, causing shares of the company to continue rallying in after-hours trading following a 0.4% gain earlier in the session.

Tesla first announced the proposed 3:1 stock split in June as a way to make the $925 stock more affordable; based on today’s closing price the new share price would be around $308.

Though the stock is down roughly 20% this year amid the wider market selloff, billionaire………[read more]

Rising Dough

Why did the shareholders vote on a 3:1 stock split? What does a stock split mean?

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