Tesla proposes a 3-for-1 stock split; Ellison to leave Board

NEW YORK (AP) — Tesla has proposed a three-for-one split of its stock. The split will make a single share of the electric car maker more accessible to investors but not affect the company’s overall market value. Tesla made the announcement Friday in its annual proxy statement, which also said Oracle co-founder Larry Ellison will not be standing for re-election to the company’s board. The company said in late March that was planning to split its stock for the second time in two years. At that time the stock was trading at over $1,000 a share. But Tesla shares are down about 39% since early April, shortly after its founder Elon Musk started raising the idea of buying Twitter.