Tesla CEO Elon Musk is on track to become the world’s first trillionaire. This depends on an unprecedented $1 trillion pay package, which investors will vote on on November 6th. Musk stated during the third-quarter earnings call on Wednesday that his primary goal isn’t money. He emphasized that his primary goal is the voting power that comes with this package.
Elon Musk Asks for $1 Trillion from Investors: Optimus Robots
Musk said he needs this voting power for the company’s future. He’s specifically referring to the artificial intelligence and robotics projects he calls his “robot army.” Musk said, “I don’t feel comfortable building this robot army without having a strong influence.” Musk currently holds around 13.5% of the voting power, and with this plan, he aims to add another 12% over the next decade, reaching approximately 25%.
However, there are also opponents to this plan. Proxy advisory firms such as Institutional Shareholder Services (ISS) and Glass Lewis have advised Tesla investors to reject the plan. They cited concerns about the potential decline in the company’s market value and the details of the proposal as justifications. Musk described these companies as “corporate terrorists” during the earnings call.
The “robot army” Musk is fighting for control of refers to the company’s Optimus robot project. Musk announced the launch of the Optimus V3 robots early next year. Describing these robots as an “endless money scam,” Musk made bold statements about their potential. He claimed the robots could be “probably five times” more productive than a human annually and could be “incredible surgeons.”
Despite delivering a record number of vehicles in the last quarter, Tesla missed its profit targets. Executives attributed this in part to tariffs and the expiration of the EV tax credit. It’s possible that record vehicle deliveries won’t continue in the future. In this context, the company is increasingly shifting its focus to artificial intelligence and robotics to create value. Wednesday’s meeting was also indicative of this shift.
Musk also discussed his plans for fully autonomous driving (FSD). He stated that they aim to eliminate safety drivers from robotaxis. He said they expect to transition to driverless service in at least large parts of Austin by the end of this year. Currently operating with human safety monitors in Austin and San Francisco, the service will expand to 8 to 10 new areas by the end of the year, including Nevada, Florida, and Arizona.
Competition for autonomous vehicles is also heating up in the automotive world. Tesla’s rival, GM, announced plans for “unattended” electric vehicles by 2028. Musk told investors that Tesla’s AI and autonomous driving initiatives have been “significantly” scaled. Musk claimed he was “100% confident” they could solve “unattended fully autonomous driving” and that it would be much safer than humans. He also added that Tesla vehicles will be better at detecting empty parking spaces thanks to 360-degree vision and advanced intelligence.
Elon Musk’s ambitious compensation package and robotics vision could reshape Tesla’s future. So, what do you think about Tesla’s Optimus robots and their goals of fully autonomous driving?
