From Nasdaq: 2024-06-13 15:59:15

Tesla (NASDAQ: TSLA) stock surged 3% in Thursday’s session, fueled by positive news of CEO Elon Musk’s $56 billion compensation package likely being approved. Shareholders are also voting to move the company’s incorporation to Texas. The stock’s performance mirrors Musk’s influential leadership and Tesla’s ongoing challenges.

The likelihood of Musk’s pay package passing is high, but legal challenges may loom. Tesla stock, trading at 72 times this year’s expected earnings, faces pressure from Chinese EV competitors. Despite a sluggish business performance, investors value Musk’s innovation and disruption, propelling the stock to growth-dependent multiples.

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Read more at Nasdaq: Why Tesla Stock Jumped Today