Why Tesla Stock Is Shooting Higher In Today's Premarket
Portfolio Pulse from Shanthi Rexaline
Tesla shares are up over 5% in premarket trading after Elon Musk confirmed that shareholders passed two key proposals: re-approving his 2018 compensation plan and relocating Tesla's incorporation to Texas. This removes a significant overhang on the stock, with further catalysts expected from upcoming quarterly updates and the robotaxi unveiling.
June 13, 2024 | 10:03 am
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Tesla shares are up over 5% in premarket trading after shareholders passed two key proposals: re-approving Musk's 2018 compensation plan and relocating Tesla's incorporation to Texas. This removes a significant overhang on the stock.
The passing of the compensation plan and relocation proposal removes a significant overhang on Tesla's stock, which had been keeping it depressed. This positive development is likely to boost investor sentiment and drive the stock price higher in the short term.
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