The 5 biggest takeaways from Tesla’s cyber roundup – Meczyki.Net

Tesla held its annual shareholder meeting, which the company now refers to as its Cyber ​​Roundup, on Thursday at the Tesla Gigafactory Texas.

The cyber roundup comes just weeks after Tesla reported Q2 earnings, which saw quarterly revenue decline due to production challenges, even as the company grew year-over-year.

agenda was 13 Shareholder ProposalIncluding a three-for-one stock split, which helped boost Tesla shares by up to 0.40%.

Several proposals were also made to make Tesla more morally responsible, especially after a series of lawsuits that have accused the company of sexual, racial and gender harassment in the workplace.

Here are five major findings from the event.

Share split approved

Tesla shareholders approved a three-for-one stock split, which would reduce the company’s shares to a limit of $300. However, it is not clear when this will take effect.

Tesla, in the beginning, is always savvy in how to use Twitter to influence its stock price. The news of the shareholder’s proposal was tweeted on March 28. Between then and now, Tesla stock saw a 20% rally from its June lows, when the drama of Musk’s proposed Twitter buy was at its peak. The stock rose to $928.55 on Thursday in after-hours trading.

Moral reforms unlikely to pass

Shareholders have called for improved reporting and transparency on the reporting of sexual, racial and gender harassment, as well as Tesla’s lobbying activities and the use of child labor for battery material. He has also called for more diversity across the board to reflect Tesla’s workforce.

Although the vote is yet to come, preliminary results show that Tesla shareholders have voted against all such proposals.

IRL trolling

The 2022 shareholder meeting, the first meeting in a few years at which hundreds of people were able to gather in person, took a boisterous tone from the start.

Investors in attendance offered encouragement and questions to Musk. He took his roles as a Tesla Booster to a whole new 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 Martin Vicha, Tesla’s head of investor relations. , when they cut him in his form. time up. A similar ridicule was met with Sister Dorothy of the Sisters of Good Shepherd—the audience laughed and applauded when she was asking the company to improve its reporting on child labor in the cobalt supply chain.

Musk received applause, applause and a standing ovation from his biggest backers – retail investors. He generally worked with the crowd, telling the audience that he loved them and that they were “the best crowd”, making fun of statements of grandeur and jokes about their failed Twitter purchases.

more gigafactories

Musk teased the idea of ​​another Gigafactory location to be selected later this year. He also said Tesla will probably build “at least 10 or 12 Gigafactories.” Back in 2017, Musk said that over the long term, the company would build between 10 and 20 gigafactories.

Demand remains high for Tesla, so it’s no surprise that Musk is looking to expand the automaker’s factory footprint. In the past few weeks, Tesla made 3 million of its cars, Musk said, reaffirming the company’s goal of hitting a 2 million car run rate by the end of 2022.

other takeaways

Musk reiterated his intention to rapidly develop Tesla’s advanced driver assistance system, full self-driving (FSD) beta.

“We’re now over 40 million miles and I doubt we’ll be over 100 million miles by this year,” Musk said. “And we’re still pretty much tracking for a wider deployment 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 EVs to use its charging network.

In addition, Musk indicated that Cybertruck specs and price would be different from what was first announced in 2019 due to inflation, but did not provide any further details.