Tesla to seek investor approval for 3-for-1 stock split

Shareholders will vote on Tesla's proposed stock split on Aug. 4

Electric vehicle maker Tesla Inc (TSLA.O) on Friday proposed a three-to-one stock split, making its shares more affordable following recent sell-offs of the most valuable automaker, Qazet.az reports.

The company also said Oracle Corp co-founder Larry Ellison, a friend of Tesla Chief Executive Officer Elon Musk, will not stand for re-election to Tesla's board when his term ends at this year's shareholder meeting.

Ellison is among the top investors who have promised funding toward Musk's $44 billion acquisition of social media firm Twitter Inc .

Shares of Austin, Texas-based Tesla rose more than 1% in extended trading on Friday. They have fallen nearly 40% since Musk unveiled his stake in Twitter in early April, hurt in part by a strict lockdown in Shanghai that has affected Tesla's production.

Shareholders will vote on Tesla's proposed stock split on Aug. 4. If approved, it would be the company's first such action after a five-for-one split in August 2020.