Tesla Requests Stock Split 🤭

Tesla may be the latest company to conduct a stock splitthe EV company will ask its shareholders for permission to conduct the split at Tesla’s annual shareholder meeting held in the fall. 🙌

Tesla gained 8% on the news. The EV maker’s stock split announcement comes after both Alphabet (Google’s parent company) and Amazon announced their 20-1 stock splits earlier this year. Tesla’s last 5-1 stock split occurred in 2020; Tesla has not yet provided details on the date or ratio of the upcoming split (if approved.) 

Stock splits intend to increase a company’s liquidity. Stock splits don’t actually change the value of a company, but they do increase the number of shares available for trading and the dollar amount of each share… that being said, investors typically get excited after stock splits, causing a rally in share prices. 💰 💰 Right now, Tesla is permitted to issue 2 billion shares and the company has 1.03 billion shares outstanding (since Jan. 31.) 

In summary, it was an eventful day for Tesla. Unrelated to the stock split, Elon has Covid again and manufacturing for the EV maker is significantly hindered in China due to Covid lockdowns. $TSLA is still up 0.08% after hours. 

Learn More About...

Man U Have Got To See This

Soccer is not just trending because of the World Cup this week. It’s also trending because Manchester United’s stock is going gangbusters. 😮

The soccer franchise saw its shares rise 60% this week on news that its owners are exploring a sale. And they expected a “bidding war” to take place. It was also in the news because Cristiano Ronaldo and the club mutually agreed that the superstar would leave the club “with immediate effect.”

Read It

From Apple Pie To $AAPL News

The world’s largest company was in the news for a couple of reasons today. Let’s recap. 📝

First was a report that the company could see a production shortfall of almost 6 million iPhone Pro models due to the unrest in China. The covid lockdowns and pro-democracy/pro-worker protests continue to affect production at Foxconn’s plant, where workers have left in droves. 🏭

Read It

Carvana’s Crash Accelerates

Shares of online car retailer Carvana fell to a fresh all-time low as bankruptcy fears spread. 😱

The company reportedly signed a pact with creditors who hold roughly 70% ($4 billion) of its unsecured debt. The binding deal requires its creditors to act together in negotiations with the company. This could potentially streamline the negotiation process where Carvana can seek to restructure debt or secure new financing.

Read It