Elon Musk, during a news conference with President Donald Trump, inside the Oval Office at the White House in Washington on May 30, 2025. Tom Brenner | The Washington Post | Getty Images
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Flat tire
All eyes were on Tesla yesterday, when the electric vehicle maker became the first Magnificent Seven company to report earnings for the new season. Investors weren't impressed: Though quarterly revenue was higher than a year ago, snapping two down quarters, earnings per share came in below Wall Street's expectations amid rising capital expenditures. Here's what happened on the earnings call: CEO Elon Musk and other executives offered little forward guidance or insight into the auto business. Instead, the focus was on Tesla's work in Robotaxis and Optimus humanoid robots, CNBC's Lora Kolodny reports.
Musk also discussed the company's expected artificial intelligence chip, but acknowledged that Tesla is "not about to replace Nvidia
Heading into the report, a group of unions and watchdogs launched the "Take Back Tesla" campaign to urge investors to oppose Musk's new compensation plan. The highly publicized pay package would give the billionaire entrepreneur an opportunity to rake in almost $1 trillion in stock.
Musk addressed the pay plan at the end of the earnings call, calling proxy advisors who oppose the package "corporate terrorists."
"If we build this robot army, do I have at least a strong influence over that robot army?" Musk said on the call. "I don't feel comfortable building that robot army if I don't have at least a strong influence."
Tesla shares fell more than 3% in premarket trading this morning. Follow live markets updates here.
2. Ready for takeoff
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