Musk announced plans to take the company private last August, claiming that he had "funding secured" to do so. It soon turned out that he had not in fact secured funding, and he quickly dropped those plans. But the claim got him in trouble with the Securities and Exchange Commission, which sought to oust him from the company for misleading shareholders. Musk lost the chairman position but remained as CEO. Meanwhile, a revolving door among other executives saw some top officers leave after only weeks or months on the job.
And that's just the boardroom drama.
Along the production line, the company also finally hit some long-delayed production targets for its bestselling Model 3. The vehicle became the bestselling US luxury car, which spurred the first back-to-back profitable quarters in the company's history. But the loss of half of a tax credit for buyers led to the biggest drop in sales in the company's history and a much bigger than expected loss in the first quarter of this year.
But Tesla is pushing ahead: It just raised more than $2 billion in a sale of stock and debt to raise needed cash, is starting construction of a factory in Shanghai and is moving ahead with plans for the Model Y, a lower-cost SUV, as well as a semi truck and a pickup.
Such a tumultuous year might cause problems for a CEO facing shareholders. But Musk will probably get a friendly reception at the meeting. Shareholders who attend annual meetings are typically individual investors -- not institutional investors, analysts or the short sellers with whom Musk often battles.
Shareholders will be eager to hear more details about these plans, particularly for a new generation of products. Musk may lay out his vision for the future.
The meeting starts at 5:30 pm ET at the Computer History Museum in Mountain View, California. That's about 20 miles from the company's headquarters and main factory. The meeting will be webcast.
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