Elon Musk thanks ‘incredible’ shareholders for $46 billion win

A galvanized Musk just had his $46 billion pay plan approved again after a Delaware judge previously invalidated it. Tesla shareholders lobbied the company’s board to vote to reinstate the package and signed off on moving its state of incorporation to Texas.

“I want to start by saying I love you,” Musk told Tesla shareholders at a meeting in Austin. people on live stream.

Damn I love you guys! ♥️

1 Elon Musk pic.twitter.com/mIt1fZ9Qi3

— DogeDesigner (@cb_doge) June 13, 2024

As soon as the preliminary voting results were announced, the audience in attendance burst into applause. Shareholders then heard a sizzle touting Tesla’s achievements in sustainability, its new product lineup, and its innovation pipeline, which includes a line of fully self-driving cars and a humanoid robot called Optimus. The video began with an audio commentary from some of Tesla’s harshest critics. Per Lekander, a prominent Tesla bearish investor, loudly declared, “Tesla could go bankrupt.”

In the video, Musk dismissed these criticisms with the confidence characteristic of his live presentation just minutes later. In his remarks, Musk outlined his vision for Tesla’s future, which hinges on its ability to deliver fully autonomous vehicles. “We are not opening a new chapter for Tesla, we are starting a new book,” Musk declared.

According to Musk, Tesla has a bright future financially. “He thinks he can increase the value of the company 110 times based on car autonomy,” Musk said. “I believe it will happen.”

At least one investor agreed with his outrageous outlook. ARK Invest, a fund managed by longtime supporter Cathie Wood, said Tesla Market cap: $8 trillion. Wood’s company announced a whopping $2,600 price target for Tesla in 2029. The analysis focused on how self-driving cars will shift revenue models and profit margins to those of software companies. “This becomes a recurring revenue model, a fraction of every mile driven on the autonomous taxi network,” Wood says. said CNBC on Thursday morning before the vote.

In the past, Musk said that once Tesla completes its self-driving software, it will immediately be uploaded to all vehicles currently on the market. That would create self-driving cars almost overnight, potentially sharing profits with Tesla. Planning often overlooks the role regulators must play in making this move happen.

“The way we think about Tesla is almost entirely about solving autonomy and being able to turn on autonomy in huge vehicles,” Musk said during an earnings call in April. He said, “Being able to drive fully autonomously without supervision would be the greatest increase in property values ​​in history.”

Musk chastised many investors for not understanding the importance of Tesla’s plans. He singled out New York-based institutional investors “because they don’t drive cars.”

Musk said the vehicle would mimic the business models of Uber and Airbnb to generate revenue. Like Uber, Tesla will also offer ridesharing, this time without a driver. But crucially, Uber doesn’t own the vehicles it uses, as Musk suggested to Tesla. Musk predicted that once self-driving Tesla becomes a reality, people will turn their cars into temporary taxis, just as Airbnb turns homes into hotels.

“If you’re going on a trip for a week, just tap the Tesla app,” Musk told the audience to cheers. “Your car will be added to your fleet and you can make money while you’re away.”

Musk welcomed the change as “just a matter of time.” In the past, he has overpromised on some important elements of Tesla’s business. he’s done his lot other ventures. In 2016, Musk assert He continues to promise that he will be able to launch self-driving cars by 2018. He predicted this will happen in 2020. One million robot taxis On the road. While there are some robot taxi In some cities, there is little to no ubiquitous transportation.

This time, Musk seemed to add some caveats to his prediction.

“Of course I am a little optimistic sometimes,” Musk said. “So I’m not completely lacking in self-awareness.”

But still victorious, he couldn’t help himself. “But if I wasn’t optimistic, this factory wouldn’t exist.”