Tesla (NAS100:TSLA) shares are set in a key range ahead of the shareholder vote on Elon Musk’s pay.
TSLA – Daily Chart
The price of TSLA is sitting between its all-time high in December 2024 and its 2021 highs. A break of those levels can start a new trend.
Tesla’s shareholders will decide on Thursday whether to pay Musk up to $878 million, the richest executive pay in history by a considerable margin. The Norwegian sovereign wealth fund has already said it will not vote in favour of the deal.
However, the shareholder meeting will also include other proposals that could change the electric vehicle maker’s future, from the board’s power to whether Tesla should invest in Musk’s xAI company.
Approval of the deal is expected to happen due to Musk’s 15% ownership stake, and Tesla’s board had said Musk could quit if the pay package were not approved. Investors will also face a vote on a shareholder proposal calling for Tesla to adopt a neutral political policy. That comes after Musk’s relationship with Donald Trump, which led to a slump in sales from Democrat supporters. Musk’s time was also taken up by his efforts to cut government spending.
After the company’s latest earnings report, analysts were concerned about a Q3 profit dip. That came despite a record number of deliveries, which is a worrying sign if there is an EV slowdown.
But Tesla investors are looking ahead and hoping to see progress in Musk’s plans for robots and robotaxis. It may be that a shareholder vote approval could boost the shares and see Musk move ahead with his plans.
