Tesla holds a meeting for all its shareholders every year. This year’s meeting was held yesterday(Thursday 04/08/22) which they called the Cyber Roundup and decided to take up the name for all the upcoming annual meetings. Tesla’s CEO and founder Elon Musk made many important announcements about the company and many important takeaways came forward from the meeting.
During Musk’s opening speech he broached various topics but most importantly he announced that the new Tesla plants in Germany and Texas would be operational soon. Musk also told the meeting that the effects of corona-inflicted lockdown are ramping down and they would be entirely past them soon.
Musk shared his thoughts about constructing a new production unit somewhere soon. “We might be able to announce another factory location later this year,” said Musk. Many in the crowd cheered “CANADA” and Musk entertained that idea.
After Musk’s speech, the opportunity was given to stakeholders for advising new policies and some of them were actually approved. The first one was to split the price of Tesla’s stocks in three so that the price of a singular stock can be reduced. This proposal was first ever published on Twitter when the price of the stocks went up surprisingly and the current price was $928.55. So the splitting the price of stocks idea was approved and the expected new price of Tesla’s stock would be $308. According to many critics, this is just a trick from Musk to lure people into buying the company’s stocks.
“When stocks trade in a so-called comfortable range, everyday investors can more easily afford a piece of the company,” according to Lindsey Bell, Ally’s chief money & markets strategist. “That drives more interest in the shares and more interest means more people trading the stock.”
When this split was announced last month(June) the Tesla shares went up by 30%. Many other huge companies are also using this tactic of announcing the stock split to gain attention from smaller investors. Alphabet (Google’s Parent) announced the split of 20:1 at the start of this year(February). And Amazon announced the split of 20:1 the next month (March).
The next thing that came out of the meeting was about the progression of the FSD(full self-driving) assistant.
“We’re now at over 40 million miles and I suspect by this year we’re gonna have well over 100 million miles,” said Musk. “And we’re still tracking very much to have widespread deployment of FSD beta this year in North America.”
The last thing Musk told that the release of the SuperTruck will be announced soon and the price will not be the same as promised in 2019 due to inflation. Musk shared no further details about the SuperTruck.
Alongside all the fun and excitement, there are some disturbing things that came out of the meeting. Some of the shareholders requested a brief system of reporting and dealing with sexual, racial, and gender harassment in the workplace but they weren’t taken seriously and the voting was also not disclosed. Though it is evident that many stakeholders voted against all such proposals. Laura Campos and Sister Dorothy were sent off the stage when they talked about disclosing the workplace lobbies of Tesla and wanted an explanation of the allegations of child labor at Tesla.