Tesla, Inc. (NASDAQ:TSLA) on Wednesday filed its proxy statement for the annual shareholder meeting to be held on June 13. Bullish analyst Daniel Ives from Wedbush weighed in with his take on the contents of the filing.
Challenging Meeting Ahead: One can expect fireworks into the shareholder meeting, as Tesla stock has been a “disaster” this year, said Ives in a note. “Musk and Tesla have significantly miscalculated the demand challenges in China and the overall demand weakness for EVs globally with competition rising from all areas,” he said.
The lack of guidance and communication to the Street on the previous two earnings calls has added “fuel to the raging inferno around the stock and story,” the analyst said.
Ives’ Read Of Proxy Filing: Tesla has asked shareholders to vote once again on Musk’s 2018 compensation package after a Delaware court nullified a $56 billion award, Ives noted. Expectedly, the Tesla board has asked for a vote on moving the company’s state of incorporation from Delaware to Texas, he said.
The analyst said he expects shareholders to reapprove the 2018 ...