A new SEC filing shows Elon Musk increased his ownership of Tesla (TSLA) to 20.5%, drawing him ever closer to his goal of having a 25% voting stake in the company. It’s been a wild 2024 so far for the EV maker, with its shares under pressure and Musk’s massive $56 billion Tesla pay package struck down by a Delaware court, prompting him to discuss moving the company’s incorporation to Texas.
Westly Group Founder and Managing Partner, and former Tesla board member, Steve Westly join Yahoo Finance to discuss Musk, his leadership of Tesla, the company’s performance, and why he believes it will have a tough time in 2024.
Westly comments on what Musk and Tesla need to focus on for 2024: “They need to scramble to find the next growth wave, $25,000 car, at least 18 months out, that may be a game changer, might get them back to 30 or 40% growth. What are you going to do in the next 18 months? And I think they’ve got three shots on goal. They’ve got the self-driving vehicle with robotaxis. Probably still three five years out. They’ve got an energy division which most people don’t even think about, and that is doing $6 billion last year on the way to maybe $8 or $9 billion this year, growing 50%. That could be a $20 billion division and then they’ve got the global charging network, because everybody has basically thrown up the white flag, signed a deal with Tesla to be able to use their global charging network. They’ve got to make one of these three things to work to get the growth cycle back.”
#youtube #elonmusk #tesla
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