And while almost all major companies have moved to annual virtual shareholder meetings in recent months, Telsa insists it will hold its own meeting the old-fashioned way, in a room full of investors, Tesla executives, and board members.
In a presentation Monday, Tesla said his management and the board value the meetings in person and believe that “Tesla shareholders appreciate the interpersonal connection and dynamics that is only possible with an annual live shareholder meeting.”
But it won’t hold it on July 7 as originally planned.
Instead, Musk revealed on Twitter last weekend that the date has been tentatively reset to September 15. A follow-up presentation from the company, which included screenshots of Musk’s tweets, said a specific date and location for the meeting has yet to be set. set.
The shareholders’ meetings a relic?
Meetings are more important to individual and small investors with long-term interests in companies rather than institutions or day-to-day traders. those who buy and sell stocks quickly. So, for the most part, these gatherings are a relic from a previous investment time. And even most regular in-person meetings already allow online participation.
Most annual meetings are monotonous matters where company executives set out their vision for the coming year, answer some questions, and sometimes apologize for recent issues or a depressed stock price. Shareholders can offer resolutions, which are rarely approved.
Musk can expect to see an even friendlier-than-normal crowd at this year’s shareholder meeting given Tesla’s strong performance. The shares broke the $ 1,000 mark for the first time in the company’s history earlier this month and are up 138% year-to-date through the end of Monday. It is a 358% increase since the last company shareholders meeting on June 11, 2019.
“Battery Day” also on tap
Musk said he hopes to combine the postponed shareholder meeting with what Tesla calls “Battery Day,” when the new battery technology will debut.
Such an announcement could overshadow the annual meeting itself. There is much speculation about what advance Tesla will announce.
One possibility: a battery that can last 1 million miles, which could be especially important for autonomous cars used by transportation services, which could stay on the road 24 hours a day, 365 days a year.
Of course, the battery announcement and shareholder meeting can be done virtually instead of having hundreds or thousands of people meeting in person. But Tesla insists on having both events in real life, rather than online.
Which means that both fans and critics will have to wait.