Tesla announced a new stock split that will be put into a shareholder vote later this year.

In 2020, Tesla announced its first 5-1 split which was trading at $1,300 a share. After the announcement, Tesla stock soared to over $2,000 a share.

The split resulted in the price per share reset at around $460 billion or $430 billion market capitalization. Tesla now trades at over $1 trillion in market cap.

Tesla wrote in a new SEC filing today:

On March 28, 2022, Tesla, Inc. (the “Company” or “Tesla”) announced its plan to request stockholder approval at the upcoming 2022 Annual Meeting of Stockholders (the “Annual Meeting”) for an increase in the number of authorized shares of common stock through an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Amendment”) in order to enable a stock split of the Company’s common stock in the form of a stock dividend. Tesla’s Board of Directors (“Board”) has approved the management proposal, but the stock dividend will be contingent on final Board approval.

The filing excluded details about the proposed split, but more details will be available during Tesla's shareholder's meeting in June.

Tesla also tweeted about the planned stock split:

Tesla will ask shareholders to vote at this year’s annual meeting to authorize additional shares in order to enable a stock split.

— Tesla (@Tesla) March 28, 2022

The stock split will make Tesla's share price more reasonable to smaller individual investors.