MicroStrategy up 5% pre-market after 10-for-1 stock split announcement

Quick Take
MicroStrategy has announced a 10-for-1 stock split for its class A and class B common stock. This move aims to make the company’s stock more accessible to a broader range of investors and employees.
The split will be implemented via a stock dividend, with record holders, as of August 1, 2024, receiving nine additional shares for each share held. The distribution is scheduled to occur after trading closes on August 7, 2024, with trading on a split-adjusted basis beginning on August 8, 2024. The stock split will not affect the voting and other rights of shareholders.
MicroStrategy shares were up 5% pre-market, now trading around $1,366 per share.
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