Tesla annual meeting preview: Does Elon Musk walk away with a path to 25% voting control?

seekingalpha06-05

Tesla (NASDAQ:TSLA) shareholders will meet on June 13 during the company's annual meeting to vote on twelve proposals. The proposals include approving the election of two Class II directors to serve ...

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The proposals include approving the election of two Class II directors to serve ...</p>\n\n<a href=\"https://seekingalpha.com/news/4113205-tesla-annual-meeting-preview-does-elon-musk-walk-away-with-a-path-to-25-voting-control\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla annual meeting preview: Does Elon Musk walk away with a path to 25% voting control?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla annual meeting preview: Does Elon Musk walk away with a path to 25% voting control?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-05 22:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4113205-tesla-annual-meeting-preview-does-elon-musk-walk-away-with-a-path-to-25-voting-control><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla (NASDAQ:TSLA) shareholders will meet on June 13 during the company's annual meeting to vote on twelve proposals. The proposals include approving the election of two Class II directors to serve ...</p>\n\n<a href=\"https://seekingalpha.com/news/4113205-tesla-annual-meeting-preview-does-elon-musk-walk-away-with-a-path-to-25-voting-control\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BFSS8Q28.SGD","symbol_name":"Janus Henderson Balanced A Inc SGD-H","start_time":0,"source_url":"https://seekingalpha.com/news/4113205-tesla-annual-meeting-preview-does-elon-musk-walk-away-with-a-path-to-25-voting-control","article_id":"2441277828","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1309759201/image_1309759201.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2441277828","pubTimestamp":1717598426,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Tesla (NASDAQ:TSLA) shareholders will meet on June 13 during the company's annual meeting to vote on twelve proposals. 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The proposals include approving the election of two Class II directors to serve for a term of three years, a proposal regarding reduction of director terms to one year, a proposal regarding committing to a moratorium on sourcing minerals from deep sea mining, a proposal regarding adoption of a collective bargaining policy, a proposal to approve moving the company's state of incorporation from Delaware to Texas, and the high-profile proposal of ratifying Elon Musk’s compensation under the CEO pay package that was previously approved at a special meeting in 2018. On the proposal of confirming the relocation to Texas, Tesla (TSLA) has pointed out that it has a significant number of manufacturing, operations, and engineering employees in Texas. \"Texas is where we should continue working towards our mission of accelerating the world’s transition to sustainable energy, as we lay the foundation for our growth with our ramp and build of factories for our future vehicles and to help meet the demand for energy storage as well as with our progress in artificial intelligence via full self-driving and Optimus.\" As for Musk's compensation award, Tesla (TSLA) has recommended that shareholders vote in favor. In its SEC filing, Tesla (TSLA) said the board would need to negotiate a replacement compensation package if the 2018 award is not approved by shareholders. The company believes it is unlikely that the replacement reward would be any less costly or dilutive to shareholders. Ultimately, a rejection is seen costing time and money as the process plays out. Tesla (TSLA) said the 2018 award to Elon Musk was a result of \"transformative\" growth and \"extraordinary\" value for shareholders. On Wall Street, analysts have been hesitant to make a prediction due to investors and proxy firms already weighing in on both sides of the Musk compensation question. However, Piper Sandler thinks it is clear that Tesla's (TSLA) share price would fall if the compensation award was rejected. The other key issue is whether Elon Musk walks away from the shareholder meeting with his goal of landing 25% of voting control of the company over time. If not, Morgan Stanley warned that Tesla (TSLA) shareholders should be prepared for the company to significantly slow down or curtail its direct investment in sensitive and advanced AI efforts due to Musk's prior statements of wanting to be an effective steward of powerful AI technology. \"While Tesla may still be in position to benefit indirectly from AI advancements, we believe that most of the adjacent AI efforts could be concentrated within non-Tesla entities where Elon Musk has control,\" warned Piper Sandler analyst Alex Potter. Another risk is that Tesla (TSLA) loses its AI premium if Elon Musk is not satisfied. That issue has already cropped with this week's report that xAI may have received Nvidia (NVDA) H100 chips that were originally supposed to go to Tesla (TSLA). Gabelli Funds portfolio manager John Belton is just one of many skeptics that have noted that Tesla's (TSLA) stock price is disconnected from fundamentals typical of an auto company. Of course, there is also the extreme wildcard of Elon Musk selling shares of Tesla (TSLA) to fund another venture, as he did with the Twitter acquisition. An approval of the compensation package and/or Musk landing 25% voting control is also seen having some variables that are difficult to forecast, such as the potential for new litigation or investor concerns that Musk will hold too much control Options trading on Tesla (TSLA) implies a swing of 8% over the next two weeks. The stocks with the highest trading correlation to Tesla (TSLA) include Lucid Group (LCID), NIO (NIO), and XPeng (XPEV). ETFs with a high exposure to Tesla (TSLA) include GraniteShares 1.25x Long Tsla Daily ETF (TSL), T-Rex 2X Long Tesla Daily Target ETF (TSLT), Direxion Daily TSLA Bull 2X Shares ETF (TSLL), Consumer Discretionary Select Sector SPDR Fund ETF(XLY), ARK Innovation ETF (ARKK), and ARK Autonomous Technology & Robotics ETF (ARKQ). Shares of Tesla (TSLA) dipped 0.75% in premarket trading on Wednesday. The EV stock is down more than 30% on a year-to-date basis.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2441277828"}