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Shareholders of Tesla Inc. (NASDAQ:TSLA) approved the trillion-dollar pay package for CEO Elon Musk during the company's annual shareholder meeting.
Check out the current price of TSLA here.
Over 75% of the automaker's total shareholders voted in favor of approving the pay package during the shareholder meeting on Thursday, Tesla announced. The package puts Musk on track to become the first-ever trillionaire in history, provided he can achieve the goals outlined in the package.
Musk thanked the shareholders for voting in favor, despite opposition from proxy advisors like Institutional Shareholder Services (ISS) and Glass Lewis, whom Musk had called "corporate terrorists" during Tesla's third-quarter earnings call, as well as the automaker's major investors, including Norway's Sovereign Wealth Fund NBIM and the California Public Employees' Retirement System (CalPERS).
On Full Self-Driving (FSD), Musk reiterated that the company's autonomous tech was progressing and the automaker could allow "in the next month or two," Tesla owners to "text and drive essentially." It's worth noting that the technology is currently under investigation by NHTSA.
The billionaire also highlighted the importance of the Optimus robot for Tesla, calling it "the biggest product of all time by far," during the meeting. Musk also said that the product would be bigger than cell phones.
During the event, the CEO claimed that everyone would want "their own personal R2D2 or C3PO." Musk also announced plans for a production line of 1 million units for Optimus at Tesla’s Fremont facility in California, as well as a 10-million capacity line at the Gigafactory in Texas.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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Posted In: TSLA
