Tesla has recently filed its annual proxy statement at the Securities and Exchange Commission (SEC). The electric vehicle (EV) maker said that it would ask its shareholders to approve a stock split of 3-for-1 at the annual shareholders meeting to be held this August. The proxy statement, filed after market close on Friday, also mentioned that shareholder Larry Ellison, would not stand for reelection.

The EV maker had already announced a plan for a stock split in March, on Twitter, but no details had been revealed. If the split is successful at the August 4 meeting at Tesla’s Gigafactory in Austin, Texas it would be the second stock split in two years. In 2020, the EV maker successfully implemented a 5-for-1 stock split. Tesla shares subsequently rose by 60 percent.

This time, if the shareholders approve the split at the annual meeting which would be a combination of virtual and in-person one, the company is unlikely to see a high surge similar to that which occurred in 2020, although it might be hoping for a repeat performance. Tesla has seen a decline in the value of its stock in the past few months. It has also lost its top spot at the flagship fund backed by Cathie Woods to Zoom Communications Inc.

Larry Ellison, who is the 11th richest man in the world, will not stand for reelection as a board member of Tesla Inc. The founder of Oracle Corp. had joined the board of directors of Tesla in 2018. He owns 1.5 percent of the stock, according to reports. According to the SEC filing, CEO Elon Musk owns 23.5 percent and The Vanguard Group has 6 percent of Tesla’s shares.

Thirteen different proposals suggested by the company’s shareholders are asking Tesla to examine and disclose more about the following issues including
its anti-harassment as well as discrimination efforts
its lobbying efforts
its supply chain and labor issues
its water use and
water-related impacts and risks on climate.