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Tesla Inc. : With a price divided by 3, Tesla shares will become more accessible to investors and employees


(BFM Bourse) – Valued at more than $900 per share, Tesla is preparing to make its share more widely available. The general meeting of shareholders of the group of Elon Musk decided Thursday to proceed to a next division by three of the action, which was worth 925.90 dollars at the last closing.

Tesla’s general meeting of shareholders on Thursday approved a three-fold stock split in the Wall Street-listed electric vehicle maker. Its leader Elon Musk did not specify when this split will be effective.

The group had already divided its share by five in 2020 to make the title more accessible to its employees and small shareholders, thus imitating several big names in tech.

Other stock market giants, whose stock has exploded in recent years, have carried out similar operations in recent times, such as Amazon and Alphabet. The unit price of a Tesla title was $925.90 on Thursday.

Towards a share buyback program?

During this semi-virtual shareholders’ meeting, Elon Musk, present on the stage in front of enthusiastic employees in Austin (Texas), did not rule out a share buyback program in the long term “without wanting to engage”.

The boss of Tesla also indicated that the group would end the year with 2 million vehicles produced, the manufacturer having manufactured nearly 1.5 million so far this year. He also clarified that he “would perhaps be able to announce the location of a new factory later this year”. In ten years, Elon Musk believes he can produce 100 million vehicles a year. “It’s very doable,” he said.

Giving his opinion on the state of the economy, the boss of Tesla estimated that the peak of inflation had been exceeded, that the rise in prices would come down “rapidly” but that there would be “a relatively mild recession on some 18 months”.

“I intend to stay at Tesla as long as I am useful there”

Cautious on Twitter, while he is at the center of a legal battle after the withdrawal of his promise to purchase from the social network, Elon Musk was content to affirm: “I use Twitter a lot (…) and since I understand this product very well, I have a good idea of ​​how to guide the engineering team at Twitter to make the product radically better.” But “I don’t need to have Twitter for that,” he added.

Asked by a shareholder about his longevity at the head of Tesla as he covets Twitter. “I intend to stay at Tesla as long as I’m useful there and I’m most useful in all things product design and industrial process.” But “Tesla will continue to be fine even if I’m kidnapped by aliens or return to the planet I came from,” joked the whimsical billionaire.

(With AFP)

SS – ©2022 BFM Bourse

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