Elon Musk got 72% in Tesla shareholder vote on pay

With the pay package, Musk would own 20.5% of Tesla, up from about 13%. He has said he would like a 25% stake, stressing in January that it would be “enough to be influential, but not so much that it can’t be overthrown.” If he didn’t get such a large stake, he said, “he would rather build products outside of Tesla.”

Even after this week’s rally, Tesla shares are down more than 20% this year, compared with a 14% gain in the broader stock market. The company remains by far the most valuable auto company, with a stock market value of $600 billion, but fears of tougher competition and declining demand for its models have weighed on the stock.

At Thursday’s shareholder meeting, Musk was characteristically optimistic about Tesla’s self-driving technology, including the promise of a fleet of robotaxis, and said the company’s humanoid robot, Optimus, would grow into a business multi-billionaire in his own right.

Market analysts are divided on the direction Tesla will take, with about 40% rating the stock a “buy,” 20% a “sell” and the rest a “hold,” according to FactSet. The range of price predictions is wide, and the average is roughly where the stock is currently trading.

Bernstein’s price target implies a 30% decline, and analysts rate the stock as “underperform.” Others are more optimistic: Wedbush analysts believe the stock could rise 50% from here on out, rating it “outperform.” The result of the pay vote was a “champagne moment,” they wrote. “Tesla is Musk and Musk is Tesla.”