Shares of Tesla were nearing a gain of nearly 50% from lows hit in May, ahead of a shareholder vote later this week on the electric vehicle maker's stock split plan.
The shares rose as much as 5% to $935.64 on Monday, marking a 49% gain from the May 24 close of $628.16. Tesla is coming off a 32% gain in July, its best month since October 2021.
The Elon Musk-led automaker will hold its annual general meeting on August 4, at which its investors will vote for a 3-for-1 stock split plan. If approved, it will be the second Tesla stock split in less than two years. The company had executed a five-for-one stock split in 2020, a move that led to a 60% increase in its price from the day of the announcement to the execution date.
Tesla's exuberance comes amid a broader wave of optimism in the US stock market. The S&P 500 Index was up 9.1% in July, its best month since November 2020, while the Nasdaq 100 Index was up 13%, its best monthly performance since April 2020.
However, Tesla's rally has been even more impressive, helping to erase its underperformance against the S&P 500 this year. Both the equity benchmark and the broad stock index are down about 13% by 2022.
