Not such a great week, month, or year for Tesla.
By Texas law they have to have a shareholders meeting by Sunday, and haven’t announced one yet.
[Tesla’s] board of directors faces a looming deadline to schedule its annual shareholder meeting.On Wednesday, a group of 27 shareholders called on Tesla’s board of directors to get the yearly meeting on the books, saying that if that didn’t happen by July 13, the company would be out of compliance.
In Texas, where Tesla is based, companies are required to hold annual meetings with investors every year within 13 months of the last one, if it is requested by shareholders. Tesla’s last meeting was on June 13, 2024.
“We The letter was signed by investors including the heads of large public pension funds in states including New York and Illinois, as well as advisers such as SOC Investment Group, which works with union-sponsored pension funds
Given the precipitous drop in stock price, the flagging sales, the failure of the cyber truck, the late and somewhat unimpressive launch of the robotaxi service, you might be forgiven for thinking the Tesla Board isn’t really up to the challenge of getting the CEO to focus on, well, Tesla.
In shorter form:
Tesla is days away from missing a deadline to hold an annual shareholders meeting, exposing itself to lawsuits and amplifying criticism that the carmaker’s board of directors has been inactive while sales and the stock price slump.In Texas, where Tesla is incorporated, the law requires companies to hold annual meetings no later than 13 months since the previous meeting. In Tesla’s case, that would be Sunday, July 13.
The shareholder representatives, including Brad Lander, the New York City comptroller, and treasurers or comptrollers of Oregon, Illinois and Maryland, oversee pension and investment funds that own hundreds of millions of dollars in Tesla shares. They were among 27 shareholder representatives who signed the letter, including pension funds from Denmark and Sweden and religious groups like the Friends Fiduciary Corporation