After the shareholders approved the proposal, Tesla Inc said on Friday that it would begin on August 25, in its three-for-one split shares.
Shareholders of the EV maker voted for board recommendations on the company's most important issues, including re-electing directors, approving a stock split, and rejecting proposals focused on environment and governance at the company's annual meeting on Thursday.
According to Refinitiv data, Elon Musk owns 15.6% of Tesla, after selling millions of shares last year.
The stockholders of record on Aug. 17 will receive a dividend of two additional shares for each share held, which will be distributed after the close of trading on Aug. 24, the company said.
The new share split comes two years after a five-for-one split helped bring down the price of the high-flying stock within the reach of ordinary investors.
A split could boost the share price by making it easier for investors to own the stock, as it does not affect the company's fundamentals.
The company's market cap was over $1 trillion after the stock split in 2020, which led to the rise in Tesla shares, which debuted at $17 apiece in 2010, to more than $1,200 late year.
The shares of Tesla are down 18% this year, which ended 6.6% lower on Friday.
At the Thursday meeting, shareholders narrowly approved an advisory proposal that would increase the ability of investors to nominate directors, with 339.2 million votes for the proposal and nearly 319 million votes against it.
The proposal to ask Tesla to report its efforts in preventing racial discrimination and sexual harassment annually was rejected, with 350.7 million votes against it, versus 310 million votes for the proposal.