Tesla (TSLA) announced today that it is moving forward with its 3-for-1 stock split and the stock dividend is coming on August 24.

Yesterday, Tesla shareholders voted on a proposed 3-for-1 stock split and approved it with a strong majority (over 815 million shares for and just 9 million shares against).

Today, Tesla’s board issued a press release to announce that the stock split will stake place on August 24 for all shareholders of record on August 17:

Tesla, Inc. (TSLA) (“Tesla”) announced today that the Board of Directors has approved and declared a three-for-one split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record on August 17, 2022 will receive a dividend of two additional shares of common stock for each then-held share, to be distributed after close of trading on August 24, 2022. Trading will begin on a stock split-adjusted basis on August 25, 2022.

Tesla’s last stock split dates back just a few years ago in 2020. At the time, Tesla’s stock was trading at around $1,300 a share, but the stock-split announcement sent its stock price surging to a record high of $2,000 a share.

The split resulted in the price per share being reset at around $460 and a valuation of about $430 billion. The stock grew quite fast following the 5-for-1 split with Tesla, roughly doubling its valuation over the next year.

Now the automaker is doing another stock split for a 3-for-1 instead of 5-for-1 while the stock trades at $864 a share at today’s market close.

The approval of the new stock split hasn’t helped the stock so far with Tesla being down 6% today.

However, the impact of the previous split was mostly felt over the months after the stock dividend was issued.

As we reported earlier this week, Tesla’s stock could also be helped by finally shaking off its junk bond rating and becoming a blue chip in the eyes of rating agencies.

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