stock was slipping back Tuesday amid a wider dip in stock markets as a crucial shareholder meeting later in the week neared.
(ticker: TSLA) were 1.5% lower in premarket trading, slightly outpacing declines in futures tracking the tech stock-heavy
index, which fell 1%. Investor sentiment was wavering amid rising geopolitical tensions between the U.S. and China over Taiwan, which is a center of chipmaking crucial to the global tech industry.
But the recent dip belies what was truly a blowout month for
stock. The shares rose 32% in July, marking the best month since October 2021.
The stock market is likely to continue focusing on the economic outlook this week, with a number of closely watched jobs data releases — but Tesla has another major catalyst altogether. The company’s shareholders will meet on Thursday to vote on key measures, including the proposal of a 3-for-1 stock split.
While a stock split doesn’t make a company intrinsically more valuable, it has benefits, including making the shares more affordable to retail investors, a class of trader that has proven to be influential.
Other matters before Tesla stockholders Thursday include the reelection of board directors. Two proxy advisory firms are urging investors to vote against the reelection of two directors in particular, and vote for just six of eight shareholder proposals, against the company’s wishes.
Write to Jack Denton at firstname.lastname@example.org