In 2022, the Annual Shareholders Meeting voted to approve a four-for-one split in the par value of Michelin shares to make the share price more attractive and thereby diversify the shareholder base. The transaction took effect on June 16, 2022. As a result, the number of outstanding shares increased and the share price automatically decreased. The value of your portfolio is therefore unchanged, except that the number of shares you held has been multiplied by four.