U.S. (KYMA, KECY) - At Thursday's shareholder meeting, the electric automaker Tesla officially announced a three-for-one stock split.
With Friday's stock closing price of $865, the post-split price per share would be about $288.
Tesla says the move would allow its employees to have more flexibility in managing their equity in the company.
The split takes effect on August 25th, which is when the stock will begin trading at its new, lower share price.
Elon Musk's company made another stock split as recently as 2020.