Tesla held its annual shareholder meeting, which the company is now calling the Cyber Roundup, on Thursday at the Tesla Gigafactory Texas.
Cyber Roundup takes place just a couple of weeks after Tesla reports second quarter earningswhich showed a quarterly decline in revenue caused by production problems, even as the company grew year-over-year.
On the agenda 13 shareholder proposalsincluding one for a three-for-one stock split that apparently helped lift Tesla stock 0.40%.
There were also several proposals aimed at increasing Tesla’s ethical responsibility, especially after series of lawsuits who accused the company of sexual, racial and gender harassment in the workplace.
Here are five key takeaways from this event.
Sharing is allowed
Tesla shareholders have approved a three-for-one stock split that will bring the company’s share price down to the $300 range. However, it is not clear when this will take effect.
Tesla, always well versed in how it uses Twitter to influence its stock price, initially On March 28, he tweeted the news about the shareholder proposal. Meanwhile and now, Tesla shares are up 20% from their June lows. when the drama surrounding Musk’s proposed Twitter purchase was in full swing. Shares rose on Thursday after the close of trading to $928.55.
Ethical improvements are unlikely to pass
Shareholders called for better reporting and transparency regarding reports of sexual, racial and gender-based harassment, as well as Tesla’s lobbying activities and the use of child labor to mine battery materials. They also asked for more diversity on the board to reflect Tesla’s workforce.
Although the votes have not yet been tallied, preliminary results show that Tesla shareholders have voted against all such proposals.
trolling in real life
The 2022 shareholders meeting, the first in a couple of years to bring together hundreds of people, took on a stormy tone from the start.
Investors in attendance shouted support and asked Musk questions. They also took their role as Tesla boosters to the next level. At one point, the crowd laughed at Laura Campos, director of corporate and political reporting at the Nathan Cummings Foundation, when she talked about her proposal to improve disclosure of Tesla’s lobbying, and applauded Tesla’s head of investor relations, Martin Viecha, when he interrupted her. how her time is up. Sister Dorothy of the Sisters of the Good Shepherd suffered the same kind of ridicule – the audience laughed and applauded when she ran out of time when she asked the company to improve child labor reporting in its cobalt supply chain.
Musk was greeted with cheers, applause and standing ovations as he played along with his biggest supporters, the retail investors. He worked with the crowd as usual, telling the public that he loved them and that they were “the best crowd”, exclaiming greatness and making jokes about his bad buy on twitter.
Musk teased the idea of another site being chosen for the gigafactory later this year. He also noted that Tesla will probably build “at least 10 or 12 gigafactories.” Back in 2017, Musk said the company would build 10 to 20 gigafactories over the long term.
Demand for Tesla is still strong, so it’s no surprise that Musk wants to expand the automaker’s factory footprint. Tesla has rolled out its 3 millionth vehicle over the past few weeks, Musk said, reaffirming the company’s goal of reaching 2 million vehicle miles by the end of 2022.
“We’ve driven over 40 million miles now, and I suspect we’ll have over 100 million miles by this year,” Musk said. “And we’re still looking very closely to roll out FSD beta widely in North America this year.”
Musk also promised some “cool things” on the Supercharger front as Tesla prepares to start allowing third-party electric vehicles to use its charging network.
In addition, Musk hinted that the specifications and price of the Cybertruck will differ from what was first announced back in 2019 due to inflation, but did not give any details.
Credit: techcrunch.com /