Tesla to hold annual shareholder meeting in November as investor scrutiny mounts
The company, which held its last meeting in June 2024, has been grappling with a series of events such as Musk's public feud with President Donald Trump, the end of EV tax credits and a sales slump due to aging vehicle lineup.
Tesla shares are down 38% since hitting a record high in December, with the automaker now looking to pivot to self-driving technologies for future growth.
With Musk launching "American Party" after clashing with Trump over the tax-cut and spending bill, investors worry his political ambitions could harm Tesla, whose shares have underperformed the so-called "Magnificent Seven" this year.
Tesla shares rose about 3% in early trading after the board set July 31 as the new deadline for the submission of shareholder proposals to be included in the proxy statement.
The core issue is not the amount of time available to file a shareholder resolution, but the disruption of the normally predictable and legally clear filing process, said Kevin Thomas, CEO of Share, a shareholder advocacy and advisory organization.
"The Tesla board's efforts to dismiss shareholder proposals is a bigger impediment than having a very short window to submit them in the first place."
The company was close to missing a deadline under the Texas law, which allows investors to seek legal option in case a company fails to hold a shareholder meeting within 13 months of holding a previous one.
Tesla had said in April it would file its annual proxy statement later than expected and that the board had formed a special committee to consider some compensation matters involving Musk.
In last year's meeting, shareholders had approved Musk's controversial $56 billion compensation package despite a Delaware court ruling that had previously voided it.
Meanwhile, Musk is pushing to deepen the integration across his companies as the Grok chatbot, developed by the billionaire's xAI startup, will be available in Tesla vehicles next week "at the latest".
"Grok integration suggests formalized ties between Tesla and xAI; the proxy may contain more details on this topic," Piper Sandler analysts said in a note.
Separately, Linda Yaccarino, CEO of social media platform X resigned in a surprise move, adding to a growing list of executives at Musk's companies to step down.
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