Hey everybody, welcome back to the Elon Musk Podcast.
This is a show where we discuss the critical crossroads that
shape SpaceX, Tesla X The Boring Company.
And Neuralink. I'm your.
Host Will Walden Tesla CEO Elon Musk recently secured a
significant win when more than 70% of shareholders approved his
substantial compensation package.
This approval, coming after a public campaign by Tesla to
rally shareholder votes, represents a crucial moment for
Musk's earnings and the company's future strategy.
The shareholder vote indicates strong support for Musk.
Zescher Your This is the Zescha referrer Nas Khor Tork's
leadership Despite a contentious lead up, many analysts had
anticipated a tight vote due to the company's volatile stock
performance over the past year. However, major institutional
shareholders like Vanguard played a key role in ensuring
the package's approval, leading to a notable post vote increase
in Tesla's stock price. Although the shareholder vote
was a triumph for Musk, its legal binding nature remains
uncertain. The Delaware judge, who had
previously invalidated Musk's pay package in January, cited
transparency issues in the award process.
Whether the recent shareholder support will influence the
judge's final ruling is still unclear.
Another outcome of the shareholder vote is Tesla's
decision to relocate its corporate headquarters from
Delaware to Texas. This move has sparked a series
of legal battles in Delaware, where the company has been
traditionally based, reflecting the complexity of such corporate
transitions. Concurrently, there have been
developments on Musk's social media platform X, formerly
Twitter. Bloomberg has reported filings
that confirm long speculated plans to transform X into a
payments application. This shift aims to diversify
revenue streams but faces numerous challenges, including
technical modifications and building user trust for
financial transactions on a social networking platform.
Musk's background with PayPal, where he played a pivotal role
in its development, lends some credibility to these plans.
Over the years, Musk has often spoken about his vision of an
everything app, and turning X into a payment service
represents a step in that direction.
Another recent change on X involves hiding likes on posts.
Max Red of the Read Max newsletter suggests this move
might help celebrities avoid potential embarrassment from
their online interactions. However, this change also has
broader implications, such as reducing transparency and
potentially eroding user trust. Max Chaffin, a Bloomberg
Business Week senior writer, and other commentators have debated
the necessity and impact of hiding likes.
While some argue it could protect privacy, others believe
it diminishes the platform's open nature and the clarity of
social interactions. At the recent Tesla shareholder
meeting, there were several unexpected announcements.
Musk revealed ambitious plans for the company's future,
including ramped up production of the cyber truck, the
development of autonomous vehicles, and progress on the
Optimus humanoid robot project. Musk highlighted that Tesla aims
to increase its market value tenfold through advancements in
autonomous vehicle technology. He projected that the
combination of full Self driving software and vehicle hardware
would soon enable a fleet of robot taxis, significantly
boosting Tesla's valuation. Despite past missed targets,
Musk asserted that the development of autonomous
technology is accelerating. He confidently predicted that
Tesla's market valuation could soar from its current $585
billion to over $5 trillion by 2029, driven primarily by the
adoption of autonomous vehicles. Musk also discussed the Optimus
robot, introduced in 2021, which he envisions as capable of
performing a wide range of tasks, from household chores to
factory work. He suggested that the market for
humanoid robots could be enormous, with Tesla potentially
selling 100 million units annually, contributing to a
staggering increase in the company's overall market value.
During the shareholder meeting, Musk provided updates on the
production of the Cybertruck, which has seen significant
interest and reservations. He reported that Tesla had
achieved record weekly production of 1300 units and
plans to introduce more affordable versions of the truck
in the near future. Musk acknowledged the challenges
of scaling up cyber truck production but remained
optimistic about meeting demand and expanding the market to
regions like China and Europe after initial volume production
is stabilized. The shareholder meeting also
touched on Musk's interactions with former President Donald
Trump. Musk disclosed that Trump
occasionally calls him, and these conversations have
included discussions about the positive aspects of electric
vehicles potentially influencing Trump's stance on E VS.
There have been rumors reported by the Wall Street Journal that
Trump might consider Musk for a policy advisory role if he wins
the upcoming presidential election.
Musk, however, stated that he has not discussed any potential
advisory position with Trump. The overwhelming shareholder
support for Musk's pay package and the strategic moves
discussed at the meeting indicate a strong alignment
between Musk's vision and the shareholders confidence in his
leadership. The legal and operational
challenges ahead will test this support, but for now, Musk has
bolstered his standing with both shareholders and the market.
The recent developments under score the dynamic nature of
Musk's ventures and the intricate interplay between
corporate governance, legal scrutiny, and visionary
leadership. The future impact of these
decisions on Tesla and Musk's broader ambitions remains to be
seen, but the current trajectory points towards significant
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