Here's Why Tesla Shares Are Rising

Tesla Inc TSLA shares are trading higher by 5.8% at $1,069.47 during Monday’s pre-market session after the company its plan to request stockholder approval at the upcoming 2022 Annual Meeting of Stockholders for an increase in the number of authorized shares of common stock 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 has approved the management proposal, but the stock dividend will be contingent on final Board approval.

Tesla shares are also trading higher by 10.4% over the trailing five sessions. Strength is possibly due to last week’s opening of the Berlin Gigafactory. The stock has also gained recently as volatility in oil prices lifts demand for alternative energy vehicles.

See Also: Elon Musk Says He Personally Tests Out Tesla FSD Beta Before Every Release

Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. 

Tesla has a 52-week high of $1,243.49 and a 52-week low of $546.98.