Tesla’s
shares were rising Thursday after closing down 2.24% at $187.96 in the previous session.
The stock move came after Tesla CEO Elon Musk said in a tweet on X that the electric vehicle company will hold a shareholder vote to decide whether to move the incorporation of the company to Texas.
On Wednesday a Delaware court had voided Musk’s pay package, which awarded him some 300 million options that vested based on hitting performance milestones, according to multiple media reports. The ruling, which MarketWatch reported essentially nullifies Musk’s $55.8 billion pay package, could have wide implications for the rest of corporate America.
The stock move also comes after Wednesday’s Federal Reserve decision. While interest rates were held steady, which was widely expected, Chairman Jerome Powell warned a March rate cut was “probably not the most likely case.” The tech-heavy Nasdaq Composite lost 2.2% Wednesday, its largest daily decline since December 2022.
Tesla
stock opened up 1.15% in early Thursday trading. The
Nasdaq
was up 0.8%. Tesla shares are down 21.5% over the past month while the
S&P 500
and
Nasdaq Composite
are up 3.4% and 4.5% respectively.
Tesla was well off its 52-week high of $299.29, which the company reached last summer. Stock in several of the electric-vehicle maker’s competitors was also rising in early Thursday trading, with
Lucid
shares up 5.3% to $3.57 and
GM
stock rising 0.7% to $39.09.
NIO
rose 3.7% to $5.82 and in Hong Kong trading
BYD
was up 0.6%.
Trading volume of 103.2 million on close remained 14.5 million below its 50-day average volume of 117.7 million.
Write to Rupert Steiner at [email protected]
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