Key Points
- Elon Musk said that Tesla shareholders voted yes to restore his 2018 compensation pay of $56 billion.
- Recently, Ark Invest shared a new expected value for Tesla in 2029 at $2,600 per share.
According to the latest reports, Tesla Chief Executive Elon Musk said that the preliminary voting results are showing that shareholders are currently backing proposals to ratify his pay package and reincorporate the company in Texas by wide margins.
In a post on X, Musk said a few hours ago that both Tesla shareholder resolutions are currently passing. The post included a graph showing both measures raising enough votes to guarantee their passage.
According to Forbes, this comes months after the pay package was invalidated by a Delaware judge.
The push to change Tesla’s state of incorporation from Delaware to Texas was spearheaded by Musk after he conducted a public vote via X. Musk also thanked his shareholders following the vote.
Texas Governor Greg Abbott congratulated Musk in a post on X for the pay he was promised and the new Texas incorporation. He welcomes Musk to a state “that has neither a personal nor a corporate income tax.”
Congrats Elon on getting the pay you were promised and on your new incorporation in Texas.
Welcome to a state that has neither a personal nor a corporate income tax. https://t.co/HOKd9oOcFA
— Greg Abbott (@GregAbbott_TX) June 13, 2024
Ark Invest updates Tesla share price prediction for 2029
The good news for Musk comes right after Ark Invest shared some impressive new predictions about the price of Tesla shares recently.
In an official report, Ark’s updated open-source Tesla model yields an unexpected value of $2,600 per share in 2029.
The notes reveal that the bull and bear cases, tuned to the 75th and 25th percentile Monte Carlo outcomes, respectively, are approximately $3,100 and $2,000 per share, as shown in the chart.
This research update presents Ark’s open-source Tesla model, which incorporates distributions for 45 independent inputs to simulate a range of potential outcomes for the company and its stock, according to the official report.
Ark estimates that about 90% of Tesla’s enterprise value and earnings will be attributed to the robotaxi business in 2029.
Electric vehicles could see a quarter of total sales and a -10% of Tesla’s earning potential.