Tesla (TSLA) shareholders, including ordinary and institutional shareholders, voted in favor of Elon Musk retaining his $56 billion package. Elon Musk also unveiled ambitious plans and said that the company’s market cap could increase to $25 trillion in the future, though he did not mention the year, the decade, or the century. He said that humanoid robots would lift Tesla’s fortunes. Tesla is the tenth most valuable company in the S&P 500 and was worth about $580 billion on Thursday’s close.
Elon Musk got 72 percent of the shareholder’s vote as they voted for the Tesla CEO to retain his pay package. Some of those who voted in his favor included the Vanguard vote. A majority of the shareholders also voted for Tesla to reincorporate in Texas. It was earlier incorporated in Delaware, and a judge ruled that Elon Musk’s $54 billion package was excessive and unfair. Elon Musk has a vast web fan base, and they applaud his ambitious plans.
On Thursday, Musk claimed that Tesla’s Optimus humanoid robots would be one of the main contributors to the company’s massive growth. He spoke of the company writing a “new book” and not just embarking on a “new chapter.”
In 2021, Tesla announced its plans to develop humanoid robots and demonstrated a prototype that trotted like a dancer. In January 2024, the company showed a robot folding clothes. However, robotic engineers criticized this, calling the operation deceptive because humans operated the controls.
Elon Musk did not specify what Optimus robots could do at this point but suggested that they could reach the level of operations of popular fictional robots such as R2-D2 and C-3PO, who appear in the popular Star Wars movies.
Musk has a habit of making advance promises that fall short. At Tesla’s 2024 annual shareholders meeting, Elon Musk said that Optimus would have “limited production” in 2025 and that Tesla would test its humanoid robots in its factories the following year.
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