Have Tesla shares in your portfolio? Stock will be in focus today; here is why

Electric automaker Tesla on Wednesday, April 17, asked shareholders to ratify billionaire Elon Musk's compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.

The judge had tossed out Musk's record-breaking $56 billion pay in January, calling the compensation granted by the board "an unfathomable sum" that was unfair to shareholders.

Tesla also urged its investors to approve moving the company's state of incorporation from Delaware to Texas in a regulatory filing.

Shares of the world's most valuable automaker were up 1 per cent before the bell.

Earlier on Monday, the world's largest automaker announced it would lay off more than 10 per cent of its global employees. 

Some employees in California and Texas have already been notified of layoffs, a Reuters report said, citing sources who declined to be named due to the sensitive nature of the topic. 

The world's largest carmaker by market value had 1,40,473 employees as of December 2023, according to its most recent annual report. 

"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Tesla CEO Elon Musk said in the memo.

Meanwhile, Elon Musk is slated to visit India next week. Musk will meet Prime Minister Narendra Modi on April 22. Tesla has been planning to enter India since July 2023. There were reports that it was mulling launching electric vehicles (EVs) here at Rs 20 lakh. 

Tesla's goal is to make India its export base.

Apart from announcing Tesla's maiden foray in India, Musk is also expected to disclose details of the automobile major's plans for the country. Tesla's interest in expanding its presence in the Indian market has intensified, with the company actively searching for a suitable location to establish a cutting-edge manufacturing facility.

With inputs from Reuters