Tesla Faces Shareholder Turbulence Amidst Annual Meeting Delays
Tesla's annual shareholder meeting is scheduled for November 6, amid pressure from investors and regulatory concerns. Shareholders are dissatisfied with Elon Musk's involvement in the Trump administration and demand more focus on the EV company. Meanwhile, Tesla's stock is volatile, affected by internal and external factors.
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Tesla has announced its annual shareholder meeting for November 6, following escalating pressure from significant shareholders. The decision comes a day after a group of over 20 investors urged the board to set the meeting date, as the company potentially violates Texas state law by missing the deadline.
Tesla's stock has dropped 27% this year, attributed to backlash over Elon Musk's association with President Trump and surging competition in the electric vehicle market. Shareholders are increasingly concerned about Musk's political involvement, calling for him to refocus on Tesla amidst growing pressures.
Amidst this climate, Musk announced the upcoming rollout of the Grok chatbot in Tesla vehicles. Developed by his company xAI, Grok has faced criticism for inappropriate content, yet Musk promises its deployment soon. Despite this, shares of Tesla rallied slightly after opening, though market dynamics remain tense.
(With inputs from agencies.)
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