Tesla announced trading in its three for one split shares will begin on Aug 25th, following shareholders approving the proposal during the automaker’s annual meeting.

Shareholders followed board recommendations on most of the issues raised at the company’s annual meeting, including approving the stock split, re-electing the board’s members, and rejecting various ESG proposals.

Shareholders narrowly approved an advisory proposal that would facilitate investors nominating directors, 339.2 million to 319 million. Meanwhile a shareholder proposal for Tesla to report efforts to prevent racial discrimination and sexual harassment annually was rejected, 350.7 million to 310 million.

Starting August 17th, each stockholder will receive a special dividend of two additional shares for each share held. The new shares will be distributed after the close on August 24th.

This new stock split comes two years after the last five for one stock split which brought the price per share back into range for investing by ordinary investors. While each split has no effect on company fundamentals, it does make the price per share more affordable to a larger number of potential investors, potentially increasing demand for the stock and raising the total market capitalization of the company, as well as the value of each shareholder’s overall portion of it.

Tesla shares had originally been offered at $17 per share in 2010, and rose to over $1,200 per share last year after the 2020 stock split. The company’s overall market capitalization rose to over $1 trillion.

So far this year Tesla has lost about 18% this year in volatile trading, losing 6.6% just on Friday.