Elon Musk’s victory nets $46 billion thanks to ‘incredible’ shareholders

Elon Musk walked out on stage and performed a celebratory dance move. His arms were extended above his head as he jumped up in joy.

Galvanized Musk is just fine reissue its $46 billion payroll plan that the Delaware judge had was previously disabled. Tesla shareholders have voted restore packagesomething the company’s board of directors lobbied them to do and signed off on moving their location to Texas.

“I just want to start by saying damn it, I love you guys,” Musk told Tesla shareholders at meetings in Austin and New York. people on the live stream.

Immediately after the preliminary voting results were announced, the crowd present clapped loudly. Shareholders were then treated to an engaging reel showcasing Tesla’s achievements in sustainability, new product lines and its innovation roadmap, including fully self-driving cars and the humanoid robot named Optimus. The video opens with voiceovers from some of Tesla’s harshest critics. “Tesla could go bankrupt,” the investor’s voice rang out According to LekanderOne record Tesla Bear.

In the video, Musk brushed off these criticisms, and just minutes later he showed off his trademark confidence in his live presentation. In his speech, Musk outlined his vision for Tesla’s future, which revolves around its ability to offer fully autonomous vehicles. “We’re not just opening a new chapter for Tesla – we’re starting a new book,” Musk declared.

According to Musk, Tesla has a bright financial future. “I think just based on the autonomy of the vehicle, we can increase the value of the company 110 times,” Musk said. “I believe that’s what will happen.”

At least one investor agreed with his lofty prediction. ARK Invest, the fund managed by longtime backer Cathie Wood, said it believes Tesla can achieve Market capitalization $8 trillion. Wood’s company came up with a huge number Price target $2,600 for Tesla in 2029. The analysis focuses on self-driving cars transforming its revenue model and profit margins into that of a software company. “This becomes a recurring revenue model, every mile driven on that automated taxi network,” Wood speak CNBC Thursday morning before the vote.

Previously, Musk said that once Tesla perfects its self-driving software, the company will immediately upload the software to all vehicles currently on the market. Doing so virtually overnight could create a fleet of self-driving cars, all with the ability to share revenue with Tesla. This plan often ignores the role of regulators in allowing this move to take place.

“Really the way to think about Tesla is almost entirely about addressing autonomy and being able to enable that autonomy for a huge fleet,” Musk speak during an earnings call in April. “This could be the biggest increase in asset values ​​in history when that happens, when you can drive completely, unattended.”

Musk criticized many investors for not understanding the importance of Tesla’s plans. He points to institutional investors who live in New York because “they don’t drive cars.”

The fleet will be monetized by emulating the business models of both Uber And Airbnb, Musk said. Like Uber, Tesla will offer a ride-sharing service – this time without a driver. Importantly, though, Uber does not own the fleet of cars it uses, as Musk suggested with Tesla. When self-driving Teslas become a reality, Musk predicts people will turn their cars into temporary taxis, much like Airbnb allows users to turn their homes into hotels.

If you “go away for a week, just tap your Tesla app once,” Musk said to cheers from the audience. “Your car will be added to the fleet and it will make you money when you are gone.”

Musk hailed the changes as “simply a matter of time.” In the past, he over-promised on several key elements of Tesla’s business. he is done in his plurality other joint ventures. In 2016, Musk declared that self-driving cars would be available by 2018—a promise he still keeps to this day. He predicts there will be by 2020 million robotaxis on the road. While there are some robotaxis In some cities, they are hardly a popular mode of transportation.

This time, Musk seems to have given some warning before his predictions.

“Admittedly, sometimes I’m a bit optimistic,” Musk said. “So I don’t completely lack self-awareness.”

Still in victory lap, however, he couldn’t help himself. “But if I wasn’t optimistic this wouldn’t exist, this factory wouldn’t exist.”

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