Tesla shareholders approved a new compensation package for CEO Elon Musk at their annual general meeting. The package would grant Musk shares based on operational and performance targets. If realized, Musk would own over 25% of Tesla shares. Morningstar maintains a $300 fair value estimate for Tesla, which is currently trading 50% above their estimate. They believe the stock is overvalued, especially due to optimism surrounding Tesla’s robotaxi business. Management is aiming for a full rollout next year, but Morningstar predicts it won’t happen until 2028.

Read more at Morningstar: Tesla: Shareholders Approve New Pay Package for CEO Elon Musk at Annual Meeting