Tesla shares soar after electric car maker announces stock split

Shares of Tesla were up by more than 6% in early trading on Monday after Elon Musk’s electric car maker announced plans to split its stock.

Tesla will ask ⛦its shareholders to approve a p﷽lan to increase the number of its authorized shares, according to.

Shares of the c𓆏ompany rose to their highest level🐻 in two months as trading opened on Wall Street on Monday.

It is unclear how many more shares the company is seeking to authorize. Shareholders will be asked to approve the move at an upcom𓆏ing meeting set for sometime this year.

“We view Tesla’s move following the likes of Amazon, Google, Apple and initiating its second stock split in two years as a smart strategic move that will be a positive catalyst for shares going forward,” Daniel Ives, an analyst with Wedbush, said.

“Tesla has strong momentum into the rest of 2022 with the biggest overhang of Berlin and Austin opening now in the rear view mirror.”

The world’s richest man danced onstage Tuesday as Tesla officially opened its $5.5 billion manufacturing plant in Germany — an event that was delayed for months due to local resistance from some government officials and envi🍒ronmental act⭕ivists.

Musk presented the first Tes🐼la Model Y cars to 30 customers in attendance at the event lauding th🤪e start of production of what his company has dubbed Gigafactory Berlin.

German Chancellor Olaf Scholz was also in attendanc🐽e.

Meanwhile, some 15,000 people are expected to attend the official opening of Tesla’s gigafactory near Austin, Texas next month.

The last time Tesla split its stock was in 2020, when itﷺ announced a 5-for-1 split. Since then, shares of🐓 Tesla have more than doubled in value.

Stock splits boost the number of shares in a company while decreasing the value of each i🏅ndividual share. They are normally initiated after a 🍷large run up in the share price.