Elon Musk took the stage and did jumping jacks to celebrate. He stretched his arms high above his head and jumped in celebration.
The galvanized Musk was just extended his $46 billion salary plan that a judge in Delaware previously declared invalid. Tesla The shareholders voted in favor restore the packagewhich the company’s board of directors had advocated, and agreed to move the company’s headquarters to Texas.
“I just want to start by saying, damn, I love you guys,” Musk told Tesla shareholders at the meeting in Austin and the live stream.
DAMN I LOVE YOU PEOPLE! ♥️
By Elon Musk pic.twitter.com/mIt1fZ9Qi3
— DogeDesigner (@cb_doge) June 13, 2024
Immediately after the preliminary voting results were announced, the crowd in attendance erupted in applause. Shareholders were then shown a video touting Tesla’s achievements in sustainability, new product ranges and its innovation pipeline, which includes fully autonomous cars and a series of humanoid robots called Optimus. The video began with voiceovers from some of Tesla’s harshest critics. “Tesla could go bankrupt,” boomed one investor’s voice. By LekanderA noticed Tesla bear.
In the video, Musk brushed aside these criticisms, as he would do with characteristic confidence in his live presentation just minutes later. In his remarks, Musk outlined his vision for Tesla’s future, which hinges on the company’s ability to deliver fully autonomous vehicles. “We’re not just turning over a new chapter for Tesla – we’re starting a new book,” Musk explained.
Tesla has a bright financial future, according to Musk. “I think just through vehicle autonomy we can increase the value of the company 110 times,” Musk said. “I think that’s going to happen.”
At least one investor agreed with his lofty forecast. ARK Invest, the fund of long-time backer Cathie Wood, said it believes Tesla will have a 8 trillion US dollar market capitalizationWood’s company gave a whopping Price target: 2,600 USD for Tesla in 2029. The analysis assumed that self-driving cars would transform the revenue model and profit margins of a software company into those of a software company. “This becomes a recurring revenue model, a piece of every mile driven in this autonomous taxi network,” Wood said told CNBC on Thursday morning before the vote.
In the past, Musk has said that once Tesla completes its self-driving car software, it will immediately upload it to all vehicles currently on the market. This could create a fleet of self-driving cars virtually overnight, potentially sharing all revenue with Tesla. The plan often overlooks the role regulators would need to play in making this move possible.
“Tesla is actually almost exclusively focused on solving the problem of autonomy and being able to turn on that autonomy for a huge fleet,” Musk said. said at an earnings call in April. “If that happens, if you enable unsupervised, fully autonomous driving, that could be the greatest value creation ever.”
Musk accused many investors of not understanding the significance of Tesla’s plans. He criticized institutional investors who live in New York because they “don’t drive.”
The fleet would be monetized by replicating the business models of both Above And AirbnbMusk said. Like Uber, Tesla would offer a ride-sharing service – this time without a driver. Crucially, though, Uber would not own the fleet of vehicles it uses, as Musk had proposed for Tesla. Once autonomous Teslas become a reality, Musk predicted, people would turn their cars into temporary taxis, just as Airbnb allows its users to turn their homes into a hotel.
If you “go away for a week, all you have to do is tap your Tesla app,” Musk said to applause from the crowd. “Your car will be added to the fleet and will earn money for you while you’re gone.”
Musk described these changes as “just a matter of time.” In the past, he has overpromised on several critical elements of Tesla’s business, something He’s done with his many other activities. In 2016 claims that self-driving cars would be available by 2018 – a promise he still makes today. He predicted that by 2020 there would be a Millions of robot taxis on the street. There are some Robot taxis in some cities they are hardly a ubiquitous means of transport.
This time, Musk seemed to add some caveats to his predictions.
“Now I have to admit that I am a little optimistic sometimes,” Musk said. “So I am not completely lacking in self-awareness.”
But still on his victory lap, he could not help himself: “If I were not optimistic, this would not be here, this factory would not exist.”