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Tesla held its annual shareholder meeting Thursday at the Tesla Gigafactory in Texas, which the company now calls the Cyber​​​Roundup.

The Cyber​​ Roundup comes just weeks after Tesla reported its second-quarter earnings, which showed a drop in quarterly revenue due to production challenges, even as the company grew year-over-year.

the agenda has 13 shareholder proposalswhich included a three-for-one stock split, which appeared to help drive Tesla shares up 0.40%.

There are also proposals aimed at making Tesla more ethically responsible, especially after a series of lawsuits accusing the company of sexual, racial and gender harassment in the workplace.

Here are five key takeaways from the event.

Share split approved

Tesla shareholders approved a three-for-one stock split, which would send the company’s shares down to the $300 range. However, it is unclear when it will take effect.

Tesla mastered how to use Twitter to influence its stock price from the start News of the shareholder proposal was tweeted on March 28. Since then, Tesla’s stock has risen 20% from its June low, when Musk’s proposed Twitter acquisition was at its peak. Shares rose to $928.55 in after-hours trading Thursday.

Moral improvements unlikely to pass

Shareholders have called for greater reporting and transparency in reporting sexual, racial and gender harassment, as well as Tesla’s lobbying activities and use of child labor to mine battery materials. They also asked for a more diverse board to reflect Tesla’s workforce.

While the vote has not yet been cast, preliminary results suggest Tesla shareholders have voted against all such proposals.

IRL Trolling

The 2022 shareholder meeting was the first time in several years that hundreds of people were able to gather in person, and it was buzzing from the start.

Investors in attendance shouted encouragement and questions to Musk. They also took the role of the Tesla booster to the next level. At one point, when Laura Campos, director of corporate and political responsibility at the Nathan Cummings Foundation, talked about her proposal to improve Tesla’s lobbying disclosures, the crowd jeered at her and was in charge of Tesla’s investor relations. Clap for her when Martin Viecha interrupted her. Time has passed. Sister Dorothy of the Sisters of the Good Shepherd was similarly mocked — the audience laughed and applauded when she asked the company to improve reporting on child labor in its cobalt supply chain.

Musk welcomed cheers, applause and a standing ovation in tribute to his biggest backers, retail investors. He worked the crowd as usual, telling viewers he loved them and they were “the best crowd,” joking about his failed Twitter buy remarks.

more gigafactories

Musk teased the idea of ​​picking another Gigafactory location later this year. He also noted that Tesla will likely build “at least 10 or 12 gigafactories.” Back in 2017, Musk said the company would build 10 to 20 gigafactories in the long run.

Demand for Tesla remains high, so it’s no surprise that Musk wants to expand the automaker’s factory footprint. Tesla has produced its 3 millionth vehicle in the past few weeks, Musk said, reiterating the company’s goal of hitting a run rate of 2 million vehicles by the end of 2022.

Other takeaways

Musk reiterated his intention to rapidly develop Tesla’s advanced driver assistance system, known as Full Self-Driving (FSD) beta.

“We’re over 40 million miles now, and I suspect we’ll be over 100 million by this year,” Musk said. “And we’re still very focused on the widespread FSD beta deployment in North America this year.”

As Tesla prepares to start allowing non-Tesla electric cars to use its charging network, Musk also promised some “cool stuff” in terms of superchargers.

Additionally, Musk hinted that due to inflation, the Cybertruck’s specs and prices will differ from those first announced in 2019, but did not provide any further details.

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