June 17, 2024

Tesla investors approve Elon Musk’s $56B pay package, Musk predicts a $25 trillion market cap for the company

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)

Elon Musk dance is 🔥. Tesla shareholders have spoken. pic.twitter.com/GiLWOtt8ZI
— Tesla Owners Silicon Valley (@teslaownersSV) June 13, 2024

Above: Elon Musk dances as he makes his way to the 2024 Tesla Annual Shareholder Meeting at Giga Texas.

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.