On Thursday’s trading session, the share prices for Tesla experienced a downtrend. The decline has been recorded just as Tesla made a debut on the NASDAQ stock exchange with a 3-for-1 stock split.
Tesla Shares Experienced a Dip
The share prices for Tesla moved downwards as the company launched its 3-for-1 stock split through the NASDAQ stock exchange.
At the closing of the trading session on Wednesday, Tesla announced that each Tesla shareholder would gain access to two more shares for the company.
It was earlier in the month of August when the directors at the electric car manufacturing voted in favor of the stock split proposal. Following the approval, the stocks for Tesla were to be split at 3-for-1.
After the voting was unanimously in favor of the stock split, it was announced that the value of each share will be split equally. This would ensure that the overall valuation of Tesla remains the same.
Tesla Followed the Trend
By splitting stocks, Tesla has followed the same trend as Alphabet, the parent company of Google. It was earlier in the summer season when Google made a similar announcement.
Google had announced that each share for the company will be divided into 19 more shares. The officials confirmed that it would follow the 20-for-1 stock split rule.
Once the split was implemented, each share for Google amounted to $120.
Tesla’s 5-for-1 Stock Split
This is not the first time Tesla has split its shares. It was back in the summer of 2020 when Tesla had carried out a stock split.
At that time, Tesla announced a 5-for-1 stock split. Tesla executed the change just when each share for the EV Company was trading at around $2,000 per share.
After a year of executing the stock split, Tesla was inducted into the S&P 500 Stock Index.
Tesla Shares Dipped
Following the dip, the share prices of Tesla experienced a 1% drop in the latest trading session. At the time of writing, each share for Tesla is trading at a low of $294.08 per share.
Elon Musk’s Target for Tesla
Elon Musk recently revealed in the recent annual general meeting that he has asked Tesla teams to expedite their manufacturing.
According to Musk, he wants Tesla to produce at least 2 million electric vehicles every year. He has stated that he wants his company to start working on the target right away and achieve the target by the end of the running year.
Tesla Expects a Rise in Deliveries
According to Tesla officials, they want to push their vehicle deliveries by 50% compared to the deliveries achieved in 2021.
In the upcoming days, Tesla is set to gain more ground in the Chinese EV market and achieve its target.