Photo/Screenshot

The 2024 Tesla Annual Shareholders' Meeting took place in Austin, Texas, on Thursday Eastern Time. The meeting attracted over one million viewers to watch in real time. After a vote, Tesla shareholders approved CEO Elon Musk's compensation package of $56 billion, equivalent to about 400 billion yuan, and supported Tesla's relocation of its registered office from Delaware to Texas. In addition, Musk also outlined Tesla's vision, stating that the Cybertruck's weekly production has exceeded 1,300 units, the production of the electric semi-truck, the Semi, is being accelerated, and there are three new products to be released in the future.

Key Points of the Shareholders' Meeting:

1.Tesla shareholders approved CEO Elon Musk's compensation package of $56 billion (approximately 40 billion yuan);

2.Re-election of two board members: Elon Musk's brother, Kimbal Musk, and James Murdoch, son of media magnate Rupert Murdoch;

3.The weekly delivery volume of Cybertruck has reached a record 1,300 units, and different versions of Cybertruck are needed for production in China and the European Union;

4.Tesla is accelerating the production of the electric semi-truck, the Semi;

There are three new products to be released in the future, one of which might be an affordable Tesla to be launched in 2025, another might be the robot taxi, Robotaxi, and another might be a commercial vehicle or small truck;

Musk said that Tesla must be "affordable" for ordinary people;

Tesla's robot, Optimus, will bring huge profits to the company, and next year Tesla will have more than 1,000 or several thousand Optimus robots working at Tesla;

In terms of AI, Musk stated that in the real world, Tesla's AI is ahead of Meta, Google, and OpenAI;

Musk hopes that in the future, Tesla can be like Airbnb or Uber, allowing car owners to add their cars to an autonomous driving fleet through an app when not in use, and help car owners make money automatically through autonomous driving.

Musk: Humanoid robots may raise the company's market value to 25 trillion dollars in the future.

Compensation Plan and Relocation of the Registered Office Supported

The compensation plan was revoked by the Delaware court five months ago, stating that the plan was improperly granted by the board of directors because the court believed that the Tesla board lacked independence. Although the shareholders' vote supported this compensation plan, the voting results will not overturn the court's decision. Musk had already stated on X the day before the shareholders' meeting that this compensation plan would be passed. Despite opposition from major investors such as Glass Lewis and Institutional Shareholder Services (ISS), the approval rate of the vote was high, marking a significant victory for Musk and the board.

Photo/X

Despite this, Tesla's CEO may still face a long legal battle, and he may also face new lawsuits. Analysts believe that the approval of the compensation by the shareholders is both a recognition of Musk's tenure and a sign that investors are unwilling to risk the company's future. In January of this year, Musk threatened that if he did not receive enough voting control, he would move the development of AI and robot products away from Tesla, essentially coercing the approval of the 2018 compensation plan.

The shareholders' meeting also passed a series of resolutions, including Musk's proposal to move Tesla's registered office from Delaware to Texas, where Tesla's largest factory in the United States is located. Another highly watched resolution was the re-election of two board members: Kimbal Musk, Elon Musk's brother, and James Murdoch, son of media mogul Rupert Murdoch.

Musk: Need to Manufacture Special Edition CyberTruck for China and the EU

Musk stated that a special edition of the CyberTruck needs to be manufactured for China and the European Union; Tesla will start producing the non-Foundation series of CyberTruck in the next quarter; Tesla's 4680 battery costs more than suppliers, but it is expected to achieve "cost parity" by the end of this year.

Musk: Tesla Will Start "Limited Production" of the Optimus in 2025

At the shareholders' meeting on June 13th, Musk promised that Tesla will start "limited production" of the Optimus in 2025 and test the humanoid robot in its own factory next year. He predicts that next year, the company will have "more than 1,000 or several thousand Optimus robots working at Tesla."

Musk: 65% of Advertisers Have Returned to the X Platform Since January

Musk stated that since January of this year, 65% of the advertisers on the X platform have returned, with small companies now accounting for most of the advertising revenue on the X platform.

Musk: Optimus Robots Can Make Tesla a Company Worth 25 Trillion Dollars

At the 2024 Tesla Annual Shareholders' Meeting, CEO Elon Musk claimed that humanoid robots may raise the company's market value to 25 trillion dollars at some point in the future. As of Thursday's closing, Tesla's market value is about 580 billion dollars. According to FactSet data, the entire S&P 500 index is currently worth 45.5 trillion dollars.