Why did Tesla stock jump today?
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Tesla (TSLA +7.5%) broke out on Monday after the electric vehicle producer set a shareholder vote next fall for a new stock split.
The company will formally request at the annual meeting for stockholder approval to increase the number of authorized shares of common stock, a move that will enable a stock split of the firm's common stock in the form of a stock dividend.
Late in the day, Tesla (NASDAQ:TSLA) got an additional boost after Electrek reported that the company is planning a Megapack project at its Gigafactory in Texas. The project is aimed at helping the state mitigate challenges with the electric grid.
Drone video has indicated that Tesla (TSLA) has started building a large solar array on the rooftop of the factory.
Tesla (TSLA) has picked up general momentum recently with the opening of Berlin and Austin expected to put it on a path for an annualized production run rate of two million vehicles by the end of the year. The company has also not seen the same level as supply chain disruption as some peers.
Shares of Tesla (TSLA) traded as high as $1,243.39 earlier in the session.
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