Latest news with #shareholder meeting
Reuters
2 days ago
- Automotive
- Reuters
Tesla to hold annual shareholder meeting in November as investor scrutiny mounts
July 10 (Reuters) - Tesla (TSLA.O), opens new tab will hold its annual shareholder meeting on November 6, it said on Thursday, a day after a group of 27 investors urged the Elon Musk-led electric automaker to set a date, citing legal obligations. 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.
Washington Post
3 days ago
- Business
- Washington Post
Tesla announces Nov. annual meeting under pressure from shareholders, but may still be skirting law
Tesla has scheduled an annual shareholder meeting for November, one day after it came under pressure from major shareholders to do so. Billionaire Elon Musk's company said in a regulatory filing on Thursday that the meeting would be held Nov. 6, but that may prove troublesome because it comes nearly three months after it is required to do so under state law in Texas, where the company is incorporated.
Yahoo
3 days ago
- Business
- Yahoo
Tesla announces Nov. annual meeting under pressure from shareholders, but may still be skirting law
Tesla has scheduled an annual shareholder meeting for November, one day after it came under pressure from major shareholders to do so. Billionaire Elon Musk's company said in a regulatory filing on Thursday that the meeting would be held Nov. 6, but that may prove troublesome because it comes nearly three months after it is required to do so under state law in Texas, where the company is incorporated. The annual meeting, given Tesla's fortunes this year, has the potential to be a raucous event and it is unclear how investors will react to the delay, which is rare for major U.S. corporations. Tesla shares have plunged 27% this year, largely due to blowback over Musk's affiliation with President Donald Trump, as well as rising competition. The announcement of the meeting comes a day after a group of more than 20 Tesla shareholders sent a letter to the company's board pressing for an annual meeting after receiving now word of one with the deadline just days away. Many shareholders have been miffed by Musk's participation in the Trump administration this year, saying he needs to focus on his EV company which is facing extraordinary pressures. 'An annual meeting provides shareholders with the opportunity to hear directly from the board about these concerns, and to vote for or against directors, the board's approach to executive compensation, and other matters of material importance,' the group said in the letter. The group cited Texas law, which requires companies to schedule annual shareholders meetings within 13 months of the prior annual meeting. Tesla's last shareholders meeting was on June 13 of last year, where investors voted to restore Musk's record $44.9 billion pay package that was thrown out by a Delaware judge earlier that year. Also on Thursday, Musk that the Grok chatbot will be heading to Tesla vehicles. 'Grok is coming to Tesla vehicles very soon. Next week at the latest,' Musk said on social media platform X, in response to a post stating that Grok implementation on Teslas wasn't announced on the Grok update livestream on Wednesday. Grok was developed by Musk's artificial intelligence company xAI and pitched as an alternative to 'woke AI' interactions from rival chatbots like Google's Gemini, or OpenAI's ChatGPT. Yet Grok has had a bumpy ride during its rollout. On Wednesday xAI announced that it was taking down 'inappropriate posts' made by its Grok chatbot, which appeared to include antisemitic comments that praised Adolf Hitler. Shares of Tesla rose slightly before the opening bell on Thursday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
3 days ago
- Business
- Associated Press
Tesla announces Nov. annual meeting under pressure from shareholders, but may still be skirting law
Tesla has scheduled an annual shareholder meeting for November, one day after it came under pressure from major shareholders to do so. Billionaire Elon Musk's company said in a regulatory filing on Thursday that the meeting would be held Nov. 6, but that may prove troublesome because it comes nearly three months after it is required to do so under state law in Texas, where the company is incorporated. The annual meeting, given Tesla's fortunes this year, has the potential to be a raucous event and it is unclear how investors will react to the delay, which is rare for major U.S. corporations. Tesla shares have plunged 27% this year, largely due to blowback over Musk's affiliation with President Donald Trump, as well as rising competition. The announcement of the meeting comes a day after a group of more than 20 Tesla shareholders sent a letter to the company's board pressing for an annual meeting after receiving now word of one with the deadline just days away. Many shareholders have been miffed by Musk's participation in the Trump administration this year, saying he needs to focus on his EV company which is facing extraordinary pressures. 'An annual meeting provides shareholders with the opportunity to hear directly from the board about these concerns, and to vote for or against directors, the board's approach to executive compensation, and other matters of material importance,' the group said in the letter. The group cited Texas law, which requires companies to schedule annual shareholders meetings within 13 months of the prior annual meeting. Tesla's last shareholders meeting was on June 13 of last year, where investors voted to restore Musk's record $44.9 billion pay package that was thrown out by a Delaware judge earlier that year. Also on Thursday, Musk that the Grok chatbot will be heading to Tesla vehicles. 'Grok is coming to Tesla vehicles very soon. Next week at the latest,' Musk said on social media platform X, in response to a post stating that Grok implementation on Teslas wasn't announced on the Grok update livestream on Wednesday. Grok was developed by Musk's artificial intelligence company xAI and pitched as an alternative to 'woke AI' interactions from rival chatbots like Google's Gemini, or OpenAI's ChatGPT. Yet Grok has had a bumpy ride during its rollout. On Wednesday xAI announced that it was taking down 'inappropriate posts' made by its Grok chatbot, which appeared to include antisemitic comments that praised Adolf Hitler. Shares of Tesla rose slightly before the opening bell on Thursday.
CTV News
3 days ago
- Automotive
- CTV News
Tesla to hold annual shareholder meeting in November
Tesla will hold its annual shareholder meeting on Nov. 6, the Elon Musk-led automaker said on Thursday, a day after a group of prominent shareholders urged the company to set a date for the meeting due to legal obligations. The board has also set July 31 as the new deadline for the submission of shareholder proposals to be included in the proxy statement. The company had said in April that 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. Last year, Tesla held its annual meeting in June, where shareholders approved Musk's controversial US$56 billion compensation package despite a Delaware court ruling that had previously voided it. The company last year moved its incorporation from Delaware to Texas and was close to missing a deadline under the state's 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 investors are coming to terms with a series of events, including Musk's public feud with U.S. President Donald Trump, the ending of EV tax credits meant to boost sales of green vehicles and slumping sales. Tesla shares are down 27 per cent so far this year as the EV maker is now on track for a second straight year of declining sales. The company's vehicle deliveries fell 13.5 per cent in the second quarter. Separately, Linda Yaccarino, CEO of the billionaire's social media platform X resigned in a surprise move, adding to a growing list of executives at Musk's companies to step down. (Reporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva)
