Tesla (TSLA) CEO Elon Musk was more than happy as he danced his way to the presentation floor at the company’s 2024 Shareholder Meeting (Cyber Roundup 2024 at Giga Texas).
As Musk appeared on the stage, the majority of the retail stockholders sitting in the meeting gave him a standing ovation and chanted “Elon, Elon, Elon…”.
Musk and the believers of the Tesla mission celebrated the moments of joy after the announcement of the ratification of his 2018 Performance Compensation Package.
The ratification of Elon Musk’s huge pay package does not nullify the Delaware Court’s decision — but it gives him the assurance that he still has his shareholders on his back.
The amount of negativity he was getting across social media especially Reddit and Threads, for a brief period, it looked like Musk would lose the votes for his 2018 Compensation Package.
However, as soon as Tesla’s General Counsel and Corporate Secretary Brandon Ehrhart announced the approval of Elon Musk’s pay package, the crowd present at Giga Texas meeting cheered in joy. This shows that the majority of Tesla shareholders still believe that Elon Musk can lead the company to even more successful horizons in the future.
“Our stockholders have approved the ratification of the 100% performance-based stock option award to Elon Musk that was approved by stockholders in 2018”.
Elon Musk was overjoyed as he took the stage from Brandon and shared his thoughts and plans for the future of Tesla, Inc. (TSLA).
We’re not just opening a new chapter to Tesla, we’re starting a new book
Elon Musk at the 2024 Tesla Annual Shareholder Meeting (Cyber Roundup)
Interestingly, Tesla shareholders have also approved the re-dmoestication of the company from the state of Delaware to Texas. Tesla will soon begin the process of incorporating the company in the lone star state.
Tesla Valuation Tied to Autopilot Full Self-Driving
Tesla Chair Robyn Denholm said last week that if Elon Musk’s 2018 pay package is not approved, the company will need to re-negotiate a new compensation package with him.
Elon Musk highlighted the sustainable energy and autonomous driving areas that Tesla is excelling. He gave special focus to autonomy (Tesla Autopilot/Full Self-Driving) in his presentation.
According to Musk, the majority of the world and even large/institutional investors are not aware of the potential of Tesla’s Autopilot technology and the pace at which it is progressing.
“I think in terms of the value of the company, autonomy is just such a mind-blowing thing,” he said.
“In talking to a lot of the sort of big institutional investors — they’re often in like New York and they don’t drive cars,” Musk said. He pointed out that most of these folks don’t even own a Tesla car and never tried Autopilot Full Self-Driving (FSD).
Musk said that when he asks these big Tesla investors if they have tried FSD v12 — the answer is often “No”. He then explicitly asks them to try it.
“And if you just plot the points of the curve of how well autonomy is progressing and just believe the curve, it’s headed towards unsupervised Full Self-Driving very quickly at an exponential pace,” Elon Musk said.
However, Elon Musk has believers and non-believers of FSD at the same time. The world is polarized on this view. Some, even in the automotive industry don’t believe that Level 5 Autonomy will be achieved in the foreseeable future.
But Musk also has a large and passionate following who believes Tesla will be able to achieve full autonomy in a matter of a few years.
With the recent release of FSD v12.4.1, Tesla has made significant improvements. Elon Musk thinks that Tesla will soon be able to achieve the milestone of 1 intervention per year of driving.
Tesla Bot and $25 Trillion Market Cap
Elon Musk has a grand vision for Tesla’s future that relies more on AI and Robotics than cars. Optimus — Tesla’s humanoid robot is the key to Musk’s vision.
Musk already predicted last year that Tesla’s future is the Optimus robot not just cars.
Interestingly, Tesla Vision originally developed for Autopilot/Full Self-Driving also enables Tesla Bot to see and identify objects around it.
According to Musk, humanoid robots will be more common then cars in the future. That would create a virtually infinite demand for robots for domestic and commercial purposes. This unlimited demand can put Tesla at a humongous market capital of $25 trillion, Musk envisions.
“I think Optimus is a 25 trillion dollar market cap situation; It’s an immense amount of work to get there, but we’re moving very fast down that road,” Elon Musk said.
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