Tesla plans a stock split to "help reset the market price" while Oracle co-founder Larry Ellison plans to exit the board of directors.
Tesla is planning a 3-for-1 stock split, as indicated in an annual statement to the SEC the company provided ahead of its yearly stockholder meeting.
In its statement, Tesla pitched the split as "help[ing] reset the market price of our common stock" to make it easier for employees to manage their equity and make "common stock more accessible to our retail shareholders."
Read more: Tesla Seeks Second Stock Split: What Investors Should Know
Tesla had been pretty open about wanting to split its stock. The carmaker is the third big tech company to do so this year after Amazon and Google separately split their shares 20-to-1 (June 3 and July 1, respectively).
In addition to the split, the SEC statement also revealed Oracle founder Larry Ellison would be stepping down from the board of directors. Ellison, the co-founder and current CTO of Oracle, has been on the board since December 2018.
Tesla did not respond to request for comment by time of publication.