Tesla held its annual shareholder meeting, which the company now calls Cyber Roundup, on Thursday at the Tesla Gigafactory Texas.
Cyber Roundup takes place just a few weeks later Tesla reports its Q2 earningsshowed quarterly revenue declines due to manufacturing challenges, even as the company grew year over year.
The agenda has 13 proposals from shareholdersincluding a three-for-one stock split that seems to have helped push Tesla’s stock up 0.40%.
There are also some suggestions towards making Tesla more ethically responsible, especially after series of lawsuits accused the company of sexual, racial and gender harassment in the workplace.
Here are five key takeaways from the event.
Approved stock split
Tesla shareholders have approved a three-for-one stock split, which will bring the company’s stock down to $300. However, it is unclear when that will take effect.
Tesla, once well understood how it used Twitter to influence its stock price, initially tweeted out the news of the shareholder proposal on March 28. Since then, Tesla’s stock has seen a 20% gain from its June low when the movie about Musk’s offer to buy Twitter culminates. Shares rose Thursday in after-hours trading, to $928.55.
Ethical improvements are hard to overcome
Shareholders have called for better reporting and transparency on reporting sexual, racial and gender-based harassment, as well as on Tesla’s lobbying activities and exploitation of child labor. battery material. They have also asked for more diversity on the board to reflect Tesla’s workforce.
Although there are no votes yet, preliminary results show that Tesla shareholders voted against all such proposals.
The 2022 shareholder meeting, the first in several years where hundreds of people could gather in person, took on a boisterous tone from the start.
Investors present shouted words of encouragement and questioned Musk. They have also taken their role as pushers of Tesla to the next level. At one point, the crowd laughed at Laura Campos, director of corporate and political accountability at the Nathan Cummings Foundation, as she talked about her proposal to improve Tesla’s lobbying disclosures , and applauded Tesla’s head of investor relations, Martin Viecha when he cut her off as she was. time up. Sisters of the Good Shepherd’s Sister Dorothy was similarly derided – the audience laughed and clapped as she ran out of time as she asked the company to improve reporting on child labor in the cobalt supply chain mine.
Musk welcomed the cheers, applause and standing ovation, backing his biggest supporters – retail investors. He works with crowds as he usually does, telling audiences that he loves them and that they are “the best crowd”, majestic proclamations and crunchy jokes about his twitter failed acquisition.
Musk teased the idea for another gigafactory to be picked up later this year. He also noted that Tesla will likely build “at least 10 or 12 gigafactories.” Back in 2017, Musk said that in the long term, the company would build 10 to 20 gigafactories.
Demand continues to be high for Teslas, so it’s no wonder Musk wants to expand the area of the car factory. Musk said that in the past few weeks, Tesla has produced its 3 millionth vehicle, reaffirming the company’s goal of reaching a speed of 2 million by the end of 2022.
Other things to note
“We’re over 40 million miles now, and I doubt this year we’ll be over 100 million miles,” Musk said. “And we’re still very much on track for the widespread rollout of the FSD beta this year in North America.”
Musk also promised some “cool stuff” on the Supercharger front, as Tesla prepares to start allowing non-Tesla electric cars to use its charging network.
Additionally, Musk hinted that the Cybertruck’s specs and pricing will be different from what was first announced in 2019 due to inflation, but didn’t provide any further specifics.