Elon Musk wins pay package approval, Tesla stock struggling but rose after Musk's announcement

From Investing.com: 2024-06-14 16:26:28

Tesla shareholders approved CEO Elon Musk’s $56 billion pay package at the annual general meeting, signaling support for his leadership. Despite a 27% drop in stock value this year, Tesla’s stock rose nearly 3% after Musk announced on social media. Musk’s plan for more affordable models in 2025 boosted investor confidence.

Analysts’ optimism for Tesla has cooled, with the average price target now at $181. Musk sees Tesla as an “AI robotics company” rather than a car maker. Tesla’s stock is currently priced near 61 times expected earnings, down from a high of 150 in November 2021. The company’s market value is almost $6 million per employee.

Toyota is the world’s biggest automaker by volume, with a market value of about $270 billion, significantly lower than Tesla’s. In 2020, Tesla surpassed the combined value of Toyota, Volkswagen, Hyundai, GM, Ford, and BMW. Despite its decline, Tesla remains the most valuable automaker globally.



Read more at Investing.com: Musk wins pay approval but still faces Tesla’s floundering stock and rich valuation By Reuters