Tesla stock, viewed by analysts as a beneficiary of a Trump Administration, gained 5% in the first day of trading after its CEO Elon Musk endorsed Trump following the attempt on Trump’s life.
Tesla’s CEO said he would address the company’s challenges with child labor in its supply chain. But his high-tech solution doesn’t cut it.
Analysts remained optimistic for the electric vehicle maker, despite an expected decline in deliveries for the second-straight quarter.
Shareholders also voted to approve the electric vehicle maker’s redomestication from Delaware to Texas.
Ahead of a vote on his $50 billion stock award, Musk faces strident resistance from previously reliable sources who now question his commitment to the company.
Tesla shareholders will decide next week whether to reinstate CEO Elon Musk’s unprecedented 11-figure bonus, a decision Wall Street classifies as a pivotal moment for the carmaker as the centibillionaire’s head turns to his various other endeavors.
Musk sold more than $20 billion in Tesla stock around the same time he purchased Twitter for $44 billion in late 2022.
Move over Bernard Arnault. There’s a new wealthiest person on the planet.
The electric vehicle maker said earlier this year it would cut 10% of its workforce.
Billionaire Leo Koguan, who claims to hold more than 27 million Tesla shares, said Musk is a “tyrant CEO” who has abandoned the carmaker for his other companies.