Tesla’s Board of Directors has approved and declared a three-for-one split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Shareholders approved the proposal during the company’s annual meeting on Thursday.

Each stockholder of record on 17 August 2022 will receive a dividend of two additional shares of common stock for each then-held share, to be distributed after close of trading on 24 August 2022. Trading will begin on a stock split-adjusted basis on 25 August 2022.

Tesla’s last stock split (5-for-1) was in 2020.