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Elon Musk’s Tesla under pressure: Annual meet set for November as shareholders raise concerns; timing may flout Texas law amid Grok controversy

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Tesla has scheduled its annual shareholder meeting for November 6, just a day after a group of major investors pushed the board to declare a date, but the move has raised fresh concerns about compliance and leadership priorities.The delay could run afoul of Texas law, which mandates companies to hold shareholder meetings within 13 months of the previous one, AP reported. Tesla’s last annual meeting took place on June 13, 2023. The timing and the circumstances have drawn scrutiny, especially as the electric vehicle maker faces a 27% stock slide this year, driven in part by CEO Elon Musk’s growing alignment with President Donald Trump and intensifying competition in the EV market.“The annual meeting provides shareholders with the opportunity to hear directly from the board about these concerns, and to vote for or against directors, the board’s approach to executive compensation, and other matters of material importance,” said a letter to the board signed by more than 20 Tesla shareholders. The letter was sent just days before the compliance window closed.The annual gathering is expected to be a turbulent affair, with many investors reportedly unsettled by Musk’s dual focus on politics and side ventures. The meeting could serve as a flashpoint for debate over his leadership and the board’s governance record.On the same day the meeting was announced, Musk also said his AI chatbot Grok would soon be integrated into Tesla vehicles. “Grok is coming to Tesla vehicles very soon. Next week at the latest,” Musk wrote on social media platform X.Grok, developed by Musk’s AI startup xAI, is positioned as a politically unfiltered alternative to other chatbots such as Google’s Gemini and OpenAI’s ChatGPT. However, the rollout has been marred by controversy. On Wednesday, xAI confirmed it was taking down “inappropriate posts” made by Grok that reportedly included antisemitic messages praising Adolf Hitler.Tesla shares briefly rebounded 3% at the opening bell on Thursday, after sharp declines earlier in the week when Musk’s feud with Trump again captured headlines.

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