The macroeconomic environment is likely to remain tough for the next 12 months, and Tesla is not immune to global economic conditions.Elon Musk is staying on as CEO of Tesla for the foreseeable future and is planning to refocus his efforts on the EV giant's AI products (FSD and Optimus) after handing over the reins at Twitter to Linda Yaccarino.Here's a list of noteworthy announcements from the meeting: Keeping in tradition with past investor events, Tesla's 2023 Annual Shareholder Meeting and Musk's subsequent CNBC interview (with David Faber) were filled with lots of hyperbolic statements such as "FSD could be the ChatGPT moment for Tesla" and "Demand for Tesla's Optimus Humanoid Bot could be 10 billion units." Highlights Of Tesla 2023 Shareholder Meeting And then check up on TSLA's ominous-looking technical chart. In this note, we will discuss major takeaways from Tesla's Annual Shareholder Meeting. If Tesla fails to break past this area of resistance, technically, the stock could be headed back down to the mid $100s in a continuation of the reverse gamma squeeze we saw in late-2022. As you can observe in the chart below, Tesla's stock has already been rejected twice at this key technical level. Market Is Clearly Not Happy About It.ĭespite Elon Musk's dire warnings on the economy, investors have been piling into TSLA stock, which apparently looks set to re-test the neckline of its head and shoulders pattern. Tesla Stock: The Good, The Bad, And The Ugly.If you have been following my work on Tesla, you know that my rationale for the downgrade was based on greater macroeconomic uncertainties, dangers of Tesla's recession playbook, and ominous technical setup. While market participants are clearly getting excited about Tesla once again, I am sticking to a "Neutral" rating for TSLA after having shifted my stance in light of Tesla's Q1 earnings back in April. After having accumulated Tesla for several months in the mid to low $100s, we sold half of our Tesla position at ~$194 a few weeks ago as the wild rally in TSLA took a pause at a key technical level at ~$200-215. Market was selling it off like a drunken psycho on a daily basis. In late-2022/early-2023, I was incredibly bullish on Tesla in the mid to low $100s, at a time when Mr. ( NASDAQ: TSLA) stock higher in the aftermath of its shareholder meeting (held on 16th May 2023), wherein CEO Elon Musk highlighted Tesla's long-term business prospects in emerging areas such as autonomous driving and robotics. Some 3,519,252 people responded, and 57.9% of them voted for "Yes.A new wave of investor optimism seems to be pushing Tesla, Inc. ![]() The CEO gave people the option to vote "Yes" or "No" and pledged to abide by the results of the poll, whichever way it went. In a Twitter poll, Musk said: "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. 6, Musk asked his 62.5 million Twitter followers to determine the future of a chunk of his Tesla holdings. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options. ![]() 10 and another $1.9 billion he sold on Nov. Last month, Musk sold a total of $9.85 billion in Tesla stock including the $6.9 billion he sold the week of Nov. The Friday fall also came off the back of a tweet where Musk said he's thinking of quitting his jobs to become an influencer, although it was not clear if was being serious. Tesla's share price was down over 1% in the pre-market trade on Friday, after slipping 6% in the previous session. Musk, who is the world's richest man, also exercised stock options to purchase 2.17 million shares of Tesla, according to the filings. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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