Tesla Shareholders Demand Overdue Annual Meeting Date

Tesla shareholders are urging the company to set a date for its annual meeting, citing legal obligations and governance concerns. The automaker is close to missing a deadline, causing worries among investors. Share prices have dropped 27% this year due to CEO Elon Musk’s public feud with Trump and ending EV tax credits.

Under Texas law, shareholders can take legal action if the annual meeting is not held within 13 months of the previous one. Tesla’s last meeting was in June 2024, and delays in setting a date for this year’s meeting have raised questions about governance issues. Shareholders had previously approved Musk’s $56 billion compensation package.

Tesla is facing a second year of declining sales, with vehicle deliveries dropping by 13.5% in the second quarter. Musk’s involvement in politics has also raised concerns about distractions from the company’s core business. The board had formed a special committee to address compensation matters related to Musk, but details were not disclosed.

Read more at Yahoo Finance: Tesla investors ask board to set date for overdue annual shareholder meeting