Sun Country Airlines Holdings (SNCY) announced the launch of a secondary public offering of ordinary shares of 8 million shares
Tesla headquarters to move from Silicon Valley to Texas, Elon Musk informed
“I am delighted to announce that we are moving our headquarters to Austin, Texas,” Elon Musk said at the company’s annual meeting of shareholders.
Tesla CEO Elon Musk told investors on Thursday that the company’s headquarters would move from Silicon Valley to Texas, where it is building a factory.
“I am delighted to announce that we are moving our headquarters to Austin, Texas,” Musk said at the company’s annual meeting of shareholders.
“Just to be clear, however, we will continue to expand our business in California.”
Tesla’s sales are growing rapidly, Musk says, and the company is ramping up shipments despite shortages of computer chips and other components.
Musk said Tesla intends to increase production at its Fremont, Calif., Plant by 50%.
However, he claims the plant has reached its limit in terms of additional carrying capacity.
“When we went there for the first time, it was like a kid in the skin of his parents; tiny us and this giant factory, ”Musk said of the company’s first factory in Silicon Valley.
“Now it’s like a spam box. We hit the sides of the bowl.
He noted that the cost of living in Silicon Valley is high for workers, with house prices out of reach for many, resulting in long commutes.
Musk has clashed with California regulators and is one of many high-profile tech figures who have left the state for places with lower income taxes and less regulation.
Winning through diversity
According to preliminary results, a proposal submitted by shareholders for Tesla to disclose more about the company’s diversity and inclusion efforts has been approved, despite opposition from the board of directors.
He calls for full breakdowns of Tesla’s workforce by race and gender, as well as information on the performance of efforts to improve diversity, to be routinely disclosed to investors.
“The business case for diversity is clear,” said Kimberly Stokes, vice president of Calvert Research and Management, who spoke on behalf of the proposal.
“As shareholders, we are concerned that Tesla’s lack of focus on equity, diversity and inclusion may hamper the company’s ability to innovate in the future.”
Calvert’s winning proposal was one of four on the agenda by investors urging Tesla to improve workers’ rights and well-being.
A California jury this week ordered Tesla to pay $ 137 million in damages to a former black employee for allegedly turning a blind eye to racism at the company’s Silicon Valley auto plant.
“They awarded an amount that could be a wake-up call for American companies,” said civil rights lawyer Larry Organ, who represented the former Tesla employee.
“Do not engage in racist behavior and do not allow racist behavior to continue.”
According to the court file, Owen Diaz was hired through a recruitment agency as an elevator operator at the factory of electric vehicle manufacturer Fremont between June 2015 and July 2016, where he was victim of racist abuse and a hostile work environment.
The plaintiff “encountered a scene directly from the Jim Crow era”, instead of a modern workplace, according to the lawsuit.
Organ confirmed that a jury in a federal court in San Francisco awarded Diaz $ 130 million in punitive damages and $ 6.9 million in emotional distress on Monday.
Vice President of Human Resources Valerie Capers Workman played down the allegations of racist abuse in the lawsuit in a story, but admitted Tesla “wasn’t perfect” when Diaz worked there.
Workman pointed out that Tesla has changed since Diaz worked there, including the addition of a diversity team and an employee relations team dedicated to investigating employee complaints.