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2mo ago

Tesla Schedules Nov. 6 Shareholder Meeting Four Months Late

Setting its annual meeting four months past the state deadline exposes Tesla to court enforcement under Texas governance rules.

Elon Musk at the White House in March, before his split with President Donald Trump.
Tesla CEO Elon Musk and his fellow directors on the board finally revealed shareholders would be able to have their say on key votes come November 6.
FILE - Elon Musk, who owns Twitter, Tesla and SpaceX, speaks at the Vivatech fair Friday, June 16, 2023 in Paris. Vivatech is Europe's biggest startup and tech event. (AP Photo/Michel Euler, File)
Tesla investors sent a letter to the board this week pressing for a save-the-date on the annual shareholder meeting.

Overview

  • Tesla’s board filed to hold its 2025 annual meeting on November 6 after missing the July 13 deadline required by Texas law.
  • Under the Texas Business Organization Code, shareholders may seek a court order to compel a meeting if a company fails to meet the 13-month requirement.
  • On July 9, 27 institutional investors managing about $1.5 trillion sent an open letter demanding a meeting date, access details and sufficient time for governance engagement.
  • Tesla’s board set July 31 as the deadline for submitting shareholder proposals to be included in its proxy statement.
  • Corporate governance expert Charles Elson warned the late scheduling reflects contempt for accepted procedures as investor scrutiny grows over Musk’s political ventures and sliding share prices.