Shares of Tesla rose sharply Monday after the electric car maker announced its second stock split in less than two years.
The company said in a regulatory filing, and also in a tweet, that it plans to make a request at its upcoming annual shareholders meeting to increase its number of authorized shares so that it can split the stock in the form of a dividend.
Shares jumped more than 5% at the opening bell.
Tesla’s shares have rocketed higher in recent months and are up more than 60% over the past year. A single share now costs more than $1,000.
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And the company is growing. It opened its first European factory last week, a “Gigafactory ” in Germany that will employ 12,000 people and produce 500,000 vehicles a year.