Tesla just file its annual proxy statement with the SEC and revealed he plans to split the stock three-for-one and that board member Larry Ellison has no plans to run for re-election.

In a statement about the proposed stock split, the company said, "Our success depends on attracting and retaining excellent talent," and that a "highly competitive compensation package" that offers every team member the opportunity to raise equity helps Tesla achieve this. "We believe the split will help bring the market price of our common stock to zero, allowing our employees more flexibility in managing their capital."

Stock splits are cosmetic and may mean smaller investors think they can afford the stock, but those investors are minimal compared to large institutions. In addition, many brokerage firms already offer fractional trading to investors, allowing retail investors to buy a seemingly expensive piece of stock. In the 2022 proxy statement, the electric vehicle and renewable energy business and revealed that board member Larry Ellison currently owns 1.5% of Tesla. Ellison wants to step down as a Tesla board member.

The documentation also states that Tesla CEO Elon Musk owns 23.5% of Tesla, and Vanguard owns 6% of Tesla. Musk sold most of his holdings in Tesla at the end of 2021 to secure a stake in Twitter, the social media giant that has agreed to acquire about $44 billion.

Tesla announced a similar 5 -for-one stock split in August 2020.

In thirteen separate proposals from shareholders, Tesla was asked to research and reveal more about itself: efforts to address harassment and discrimination, lobbying practices, supply chains and employment, and details of water use and its water-related impacts, and climate risk.

The company plans to hold its annual shareholders' meeting on August 4, 2022, online, with a limited number of shareholders invited to attend its new Tesla facility in Austin, Texas.