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Earlier this month, Tesla (NASDAQ:TSLA) stock shareholders handed down a long-awaited verdict, approving the company's proposed 3-for-1 stock split. Ever since the electric vehicle (EV) leader first announced plans for the split in March, investors have been watching Tesla closely. Few experts doubted Tesla shareholders would vote overwhelmingly in favor of the split. Now with the move confirmed, TSLA stock is rising steadily in anticipation.

Tesla set Aug. 17 as its date of record for the split. As InvestorPlace's Eddie Pan reports, "shareholders on record will receive an additional two shares of TSLA stock […] after the market close on Aug. 24." These shares will come in the form of a dividend.

Basically, today is the last chance for investors to buy into TSLA stock and benefit from the split, earning this dividend. Let's take a closer look at what investors can expect.

What the TSLA Stock Split Means

It's no secret that when Tesla last split its stock in August 2020, investors saw excellent results. Shares of TSLA stock "rallied an incredible 81%," per Barron's.

Of course, investors can't expect gains of that magnitude again. Even after the announcement pushed TSLA stock up in August 2020, shares still traded at much lower levels than today. But TSLA still has room to grow.

Stock splits are enacted to lower share prices enough to make a stock accessible to new investors. This summer, many of Tesla's high-growth tech peers have opted to split their stocks for exactly that reason. Names like Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and Shopify (NYSE:SHOP) have been growing steadily since splitting this year. So, while the upcoming split may mean a smaller payout, it will still be tempting for prospective investors.

InvestorPlace contributor David Moadel calls TSLA stock a "must-buy" ahead of the date of record. Moadel notes the following:

"As the shares become more affordable, traders will smaller account sizes will probably be enticed to invest in Tesla. And of course, when there are more buyers involved, this should put upward price pressure on the stock."

More Reasons to Invest

Moadel also notes that Tesla has several potential growth catalysts on the horizon. At the Cyber Rodeo this year, CEO Elon Musk told investors there would be a "massive wave of new products" in 2023. With recent progress reports regarding the Tesla Semi and Cybertruck, Musk seems to be delivering on this promise. Plus, Tesla recently announced that it has produced more than 3 million cars, rallying in the face of supply-chain and labor constraints.

Investors have plenty of reasons to expect Tesla to grow in 2023, even without the split. But now with the stock split definitely coming, this is truly an opportune time to invest in TSLA stock.

On the date of publication, Samuel O'Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

The post Today Is the Last Day to Buy Tesla Before the TSLA Stock Split appeared first on InvestorPlace.