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Tesla shareholders will vote on whether the company should do something it's never done before: advertise

Posted On: 30 May 2020   |   Posted By: Business Insider

Tesla shareholders will vote on whether the company should do something it's never done before: advertise

A Tesla shareholder has proposed that the company spend money on advertising for the first time in its history.
Investors will vote on the matter in July at the company's annual meeting, but it's not likely to pass.
Even without ads, Tesla is worth more than most other traditional automakers and demand has largely outpaced production.
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Tesla has never advertised.
So far, that's worked well. Elon Musk's electric automaker is worth more than Ford, General Motors, Fiat-Chrysler and Daimler combined. But one shareholder wants to change the company's tune on advertising.
Shareholders will vote in July on a proposal by an individual investor, James Danforth, who holds 850 shares of Tesla, urging the company to spend "at least $50/car produced" on advertising "in order to increase brand and product awareness and interest."
Danforth argues in his supporting statement that "advertising became necessary the moment Tesla announced in Q1-19 that it would shut down...

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