Tesla (TSLA) stock is edging higher in after-hours trading Tuesday after falling 1.29% during the regular session. The move comes after the SEC cleared a voluntary program allowing retail shareholders to automatically vote with the Tesla board.

Meanwhile, Cathie Wood's ARK Invest bought 48,352 Tesla shares worth about $17.28 million on Tuesday, September29, through its ARKK ETF.

SEC Clears Tesla's Retail Voting Program

The SEC cleared a voluntary program allowing Tesla shareholders to give standing instructions on how their shares should be voted. Under the program, investors can choose to follow the board's recommendations on all matters or exclude contested director elections and certain major transactions.

Shareholders can sign up at no cost through Tesla, a broker, or a voting platform. They can also change or cancel their instructions at any time. The goal is to make it easier for retail investors to take part in shareholder votes.

Tesla cited data showing retail investors voted just 28% of their shares in 2025, compared with 76.6% for institutional investors. The new move could therefore increase retail participation in future votes.

The SEC decision comes as investors continue to watch speculation around a potential SpaceX (SPCX) transaction and its possible implications for Elon Musk's Tesla compensation. No such transaction has been announced, though.

Is Tesla a Buy, Hold or Sell?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 12 Buys, 12 Holds, and two Sells assigned in the past three months, as indicated by the graphic below. The average TSLA price target of $391.40 per share implies 10.93% upside potential.