Tesla Inc. (TSLA) has introduced standing voting instructions that let retail shareholders automatically vote with board recommendations, a governance change that could make it easier to approve a future Tesla-SpaceX merger. Bloomberg data shows retail investors control roughly 40% of Tesla's tradable stock, about double the level of other large tech companies. The stock slipped 1.7% to $346.87 in early trading on September 30, while SpaceX rose 0.5% to $149.96.
The move also follows institutional pushback on Elon Musk's proposed 2025 pay package, with ISS and Glass Lewis recommending shareholders vote against it. Analysts see a possible all-stock Tesla-SpaceX deal requiring only Tesla shareholder approval, since Musk controls SpaceX outright. ARK Invest CEO Cathie Wood said Tuesday she believes a Tesla-SpaceX merger could be announced within the year, citing orbital AI data centers and shared semiconductor efforts. Wood also reiterated ARK's long-standing forecast that Bitcoin will hit $1 million.
On the operational side, Tesla's European sales rebounded in September. French registrations jumped 62% year over year, Norway added 2%, and Sweden rose 38%. Registrations across the EU, UK and EFTA region rose 43% between January and August, outpacing the broader battery-electric vehicle market's 39% growth. Britain and Germany data are still due later this week.
Wall Street remains mixed: 47 brokerages have a consensus Hold rating on TSLA with an average price target of $410.98. Tesla also secured $30 billion in new credit facilities — a $20 billion delayed-draw term loan and $10 billion in revolving credit — earmarked for Cybercab, Optimus and Semi projects. However, analysts are trimming third-quarter delivery estimates, and the next-generation Roadster reveal was delayed to October 15 due to severe weather.
