Tesla shares rose slightly on Monday following a busy weekend of announcements from CEO Elon Musk and his various companies.
The electric vehicle maker’s stock increased by about 0.7%, reaching around $316. This continues a modest upward trend over the past week, with Tesla shares gaining over 8% during that time.
One of the key developments is an upcoming shareholder vote on whether Tesla should invest in Musk’s artificial intelligence startup, xAI. Musk confirmed the vote will be held at Tesla’s annual meeting in November.
The proposal follows a recent $2 billion investment in xAI by SpaceX, another company led by Musk. xAI is best known for its chatbot, Grok, which has been introduced in Tesla vehicles as part of a beta test. Musk stated that there are no plans to merge Tesla and xAI but said he supports Tesla making a direct investment in the AI firm.
The weekend also brought other news from Musk’s companies. There were executive changes and product updates at Tesla, SpaceX, and xAI. Musk also hinted at a major Tesla product demonstration planned for the end of the year, although specific details have not yet been released.
Tesla’s stock has been highly volatile this year but has shown strong growth recently, with a 34% increase over the last 12 months. The company’s next earnings report is expected later this month. Investors will be watching closely for more information about Tesla’s new products and the potential AI investment.
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