Introduction: Tesla, Inc. (NASDAQ: TSLA) is not just an electric car manufacturer; it’s a multifaceted technology company that has captivated investors with its breakneck growth and charismatic CEO, Elon Musk. In 2018, Tesla’s board granted Musk an unprecedented $56 billion performance-based pay package – a wager that paid off as Tesla’s market capitalization and financial results soared ([1]) ([1]). Shareholders re-approved this plan in 2024, seeing it as essential to keep Musk focused on Tesla ([2]). Musk’s compensation is unique in that he earns nothing unless Tesla achieves extraordinary results, aligning his incentives directly with investor interests ([1]). This report dives into Tesla’s fundamentals – from its dividend policy and balance sheet strength to valuation, risks, and the role Musk’s pay plan plays – to explain how “Elon’s pay packet” could indeed fuel the next win for TSLA shareholders.
Dividend Policy and Shareholder Returns
Tesla has never paid a cash dividend on its common stock, and it does not anticipate doing so in the foreseeable future ([3]). The company’s official dividend policy reflects Tesla’s growth-oriented strategy: all earnings are reinvested into expanding production capacity, developing new products, and strengthening its balance sheet rather than being distributed to shareholders ([3]). As a result, Tesla’s dividend yield is effectively 0% ([4]). Instead of dividends, Tesla has occasionally rewarded shareholders via stock splits – notably a 5-for-1 split in 2020 and a 3-for-1 split in 2022, both executed as stock dividends ([3]). These splits boosted liquidity and reflected management’s confidence, though they did not transfer cash to investors.
Despite the lack of dividend income, Tesla’s shareholders have enjoyed substantial returns through share price appreciation (historically fueled by rapid growth and market enthusiasm). In fact, the 2018 CEO pay plan was premised on the idea that if Tesla achieved its ambitious milestones, all shareholders would “do extraordinarily well” alongside Musk ([1]) – which turned out to be true, as Tesla hit all the plan’s milestones and delivered astronomical stock gains over the subsequent years ([1]). Tesla’s success so far has been a classic case of investors accepting a no-dividend policy in exchange for high growth.
Looking ahead, an open question is whether Tesla might eventually return cash to shareholders via share buybacks. Musk has hinted at the possibility of a meaningful buyback (on the order of $5–$10 billion) once the company is comfortably cash-flow positive ([5]). However, given Tesla’s continued appetite for expansion, any buyback or dividend would likely be modest and long-term. For now, Tesla’s capital allocation remains squarely focused on reinvestment, consistent with its mission to accelerate sustainable energy and its pursuit of new markets (from energy storage to autonomous driving).
Leverage, Debt Maturities, and Coverage
Tesla’s balance sheet is unusually strong for an automaker, featuring low leverage and hefty liquidity. As of the end of 2024, Tesla had about $7.9 billion in total debt outstanding, versus $16.1 billion in cash and equivalents ([3]) ([3]). This effectively puts Tesla in a net cash position, a stark contrast to many car companies that carry net debt. Tesla’s debt-to-equity ratio stands under 10% ([4]), reflecting conservative use of leverage. Moreover, much of this debt is linked to specific financing programs (such as auto lease-backed notes and project financing) and is non-recourse to the parent company ([3]). In 2023, for instance, Tesla’s automotive asset-backed notes and energy project financings accounted for a significant portion of the $7.9 billion debt, while pure corporate borrowing was minimal ([3]).
Importantly, Tesla faces manageable debt maturities. Approximately $2.3 billion of the debt was due within 12 months (as of late 2024), with the remainder being long-term obligations ([3]). The company has shown an ability to refinance when needed – for example, it rolled over a large $2.7 billion China working capital facility by extending its maturity to 2025–2026 ([3]) ([3]). Tesla has also eliminated past convertible bonds (its last convertible notes matured and were settled in 2024), removing dilution and repayment uncertainties ([3]) ([3]). To bolster financial flexibility, Tesla secured a $5 billion revolving credit facility in early 2023, which remains largely undrawn ([3]). Obtaining this sizable credit line was seen as a step toward solidifying an investment-grade credit profile ([6]).
Tesla’s interest coverage is very robust. In 2024, the company’s interest expense was only about $350 million ([3]), while income before taxes was nearly $9 billion ([3]). This implies Tesla’s operating earnings cover its interest obligations on the order of 25× or more, underscoring a low risk of financial distress. In fact, Tesla’s growing cash hoard generated far more interest income ($1.57 billion in 2024) than the company paid out in interest, resulting in net positive interest earnings ([3]) ([3]). Such numbers signal that Tesla could service significantly more debt if needed, though management has so far preferred to keep leverage low. Credit rating agencies have taken note: Moody’s upgraded Tesla’s debt to investment grade (Baa3) in 2023, following S&P’s upgrade to BBB in late 2022 ([6]). Moody’s cited Tesla’s “low financial leverage” after the company repaid about $10 billion of debt in the last three years as a key factor for the upgrade ([6]). A Tesla bond is now considered a blue-chip credit, reflecting confidence in the company’s finances ([6]) ([6]).
Overall, Tesla’s financial position provides a solid foundation: ample cash, light debt, and even a back-up $5 billion credit line for liquidity ([6]). This conservatism gives Tesla the capacity to invest aggressively in growth (new gigafactories, R&D, etc.) without jeopardizing its stability. It also means Tesla can weather economic or industry downturns more easily than a highly leveraged peer. The flip side is that Tesla’s returns on equity could be lower than if it used more cheap debt – but given the company’s bold expansion plans, financial flexibility clearly takes precedence.
Valuation and Performance Metrics
Tesla’s valuation is a frequent topic of debate on Wall Street. By traditional measures, TSLA trades at a steep premium to other automakers – and even to most high-growth tech companies. As of mid-2024, Tesla’s stock changed hands at roughly 61× forward earnings ([2]). While down from the frothier ~150× P/E it reached at the peak in late 2021 ([2]), this multiple is still an order of magnitude above legacy carmakers: for comparison, General Motors and Ford trade around 5–6× earnings, and Toyota about 9× ([2]). Even on a price-to-sales or price-to-book basis, Tesla is dramatically higher than industry norms. Tesla’s price-to-sales ratio is about 9.5, versus roughly 0.6 for the auto industry on average ([7]) ([7]). In other words, investors are valuing Tesla at about 16× the typical sales multiple of its peers ([7]). Tesla’s price-to-book (around 12.5) is about 10× the industry average ([7]). These gaps illustrate the market’s expectation that Tesla will grow faster and generate much higher returns than a traditional automaker.
Why are investors willing to pay such a premium? A big part of it is Tesla’s positioning as a technology leader and Musk’s vision for the company’s future. Musk has repeatedly argued that Tesla should not be viewed as a mere car company, but rather as “an AI robotics company” and a clean energy innovator ([2]). This narrative – backed by Tesla’s ventures into autonomous driving (Full Self-Driving software), robotics (the Optimus humanoid robot project), and energy storage – has led many to see Tesla more akin to a Silicon Valley tech stock. Indeed, Tesla’s valuation has often been compared to the likes of the “FAANG” tech giants. For instance, Tesla’s market capitalization around late 2024 hovered near $600 billion – making its enterprise value per employee an astonishing $6 million, almost 20 times higher than the figure for GM or Ford ([2]). By such metrics, Tesla is priced as a company expected to scale revenues exponentially with software-like margins in the future.
That said, Tesla’s recent financial performance has begun to test the limits of its valuation. Growth has tapered off from hyper-growth levels: in the first half of 2024, Tesla’s revenue rose only a few percent year-on-year (around +2.3%, which actually lagged the broader auto industry’s ~4% growth) ([7]). Profitability has also been under pressure (more on that in the Risks section). Tesla’s return on equity (ROE) was about 2.3% in 2023 – surprisingly low and slightly below the industry average ROE ([7]) – due in part to massive equity increases from past fundraising and relatively narrow net margins. Even Tesla’s gross margins, once far above peers, have declined recently (as Tesla cuts prices to stoke demand). These indicators raise a crucial question: Can Tesla’s fundamentals catch up to the market’s lofty expectations?
Bulls argue that Tesla’s current earnings are only a fraction of what they will be once the company’s ambitious projects pay off. For example, if Tesla realizes a future of robo-taxis, self-driving software revenue, energy grid storage, and robotics, its earnings base could grow dramatically. Musk has even mused about Tesla one day exceeding the market cap of Apple and Saudi Aramco combined – a way of saying Tesla could become the most valuable company on Earth. Skeptics, however, point out that Tesla is now a large company facing increasing competition (thus growth may slow) and that its valuation leaves little room for error. At ~60× earnings, Tesla is effectively priced for decades of high growth; any disappointment in execution or a shift in market sentiment (such as rising interest rates making high-multiple stocks less attractive) could weigh heavily on TSLA’s share price.
It’s worth noting that Tesla’s cash flow profile has evolved in recent years. The company became consistently profitable only since 2020, and it has since generated substantial operating cash flow – $14.9 billion in 2024 alone ([3]). However, Tesla has been plowing even more cash into investments: over $18.7 billion in capital expenditures and other investing outflows in 2024 ([3]). This resulted in slightly negative free cash flow that year, as Tesla builds new Gigafactories (e.g. in Texas, Germany, and planned Mexico) and invests in product development. In essence, Tesla is choosing to reinvest every dollar (and then some) back into growth. This strategy is consistent with valuing Tesla as a long-term growth company – but it also means traditional valuation metrics like price/earnings or free cash flow yield may remain elevated in the near term.
In summary, Tesla’s stock valuation is rich by any conventional standard, underpinned by investors’ optimistic outlook. Elon Musk’s pay package itself is a reflection of that optimism – the 2018 plan was structured such that Tesla needed to become a $650 billion+ company (one of the world’s most valuable) for Musk to fully vest ([1]). That once-unfathomable target was achieved; today, the focus turns to Tesla’s next chapter of growth and whether it can justify its trillion-dollar trajectory.
Key Risks and Red Flags
While Tesla’s upside potential is significant, investors should be mindful of several risks and red flags that could impact the stock’s performance:
– Intensifying Competition & Demand Dynamics: Tesla’s market share in the EV sector, particularly in critical markets like China and Europe, is under attack. In China, BYD and other local EV makers offer cheaper models, eroding Tesla’s dominance ([2]). Globally, virtually every major automaker – from GM and Ford to Volkswagen, Mercedes, and newer startups – is launching competitive electric vehicles, often in segments Tesla has yet to address (like lower-cost cars). Tesla has responded by cutting prices aggressively to stimulate demand, which has indeed boosted its vehicle deliveries but at the cost of margins. This was evident in 2023–2024 when Tesla implemented multiple rounds of price cuts (up to several thousand dollars on Model 3/Y) to ensure its sales growth, especially as its model lineup ages. As a result, Tesla experienced its first-ever quarterly revenue drop in Q1 2023 (vs. the prior year) and saw vehicle deliveries fall sequentially in early 2025 ([8]) – rare setbacks for a growth company. If economic conditions weaken (e.g. higher interest rates making auto loans costlier) or if new entrants produce “Tesla-killers” in key segments, Tesla could face demand headwinds that challenge its lofty growth projections.
– Margin Compression: A direct consequence of Tesla’s price cuts and competition is pressure on profit margins. Tesla enjoyed industry-leading automotive gross margins (over 25% and even 30% at times in 2021–2022 when supply and pricing were in its favor). However, in 2024 margins have reset to more modest levels. In Q2 2024, automotive gross margin (ex regulatory credits) was about 14.6% – the lowest in over five years ([9]) ([9]). This is roughly half the margin Tesla was earning in 2022 and below analyst expectations (Tesla missed Wall Street’s earnings estimates that quarter) ([9]) ([9]). The margin decline reflects not only lower vehicle pricing, but also higher costs from ramping new factories and Tesla’s heavy spending on R&D (such as its AI projects and the Optimus robot). While Tesla still maintains cost advantages (e.g., through direct sales and economies of scale), a prolonged “EV price war” could force margins down toward the single-digit percentages typical for legacy automakers. Lower margins mean less cash flow to fund growth and a smaller buffer to absorb setbacks. Investors should watch whether Tesla can stabilize or improve its margins via new efficiency gains or revenue from software (which carries high margins) to compensate for cheaper vehicle prices.
– Autopilot, FSD & Regulatory Hurdles: Tesla’s Autopilot and Full Self-Driving (FSD) features are both a selling point and a legal liability. On one hand, Tesla has collected significant revenue (and deferred revenue) from selling FSD software packages and touts its vehicles’ self-driving capabilities as a future profit center. On the other hand, safety regulators are scrutinizing Tesla’s driver-assistance systems closely due to a series of accidents. U.S. authorities have investigated hundreds of crashes (some fatal) involving Autopilot ([10]). In late 2022, Tesla even had to issue a “mass recall” (via software update) of FSD Beta after the National Highway Traffic Safety Administration (NHTSA) found safety defects ([10]). Furthermore, the U.S. Department of Justice and SEC have ongoing probes into whether Tesla misled consumers and investors about the capabilities of Autopilot/FSD, potentially constituting securities fraud or wire fraud ([10]) ([10]). Any findings that Tesla overstated the safety or readiness of its self-driving tech could lead to hefty fines or mandated changes. The legal risks became stark in October 2025, when a Florida jury found Tesla’s Autopilot defective in a fatal crash and awarded $243 million in damages to victims ([11]). Tesla is appealing that verdict ([11]), but it sets a worrying precedent. Overall, the autonomy question is a double-edged sword: while Tesla aims to unlock enormous value from robotaxis, it must navigate regulatory approvals and prevent accidents that harm its reputation (and expose it to lawsuits).
– Leadership and Governance Concerns: Elon Musk’s persona and activities are a significant factor in Tesla’s risk profile. Musk is undeniably the driving force behind Tesla’s innovation, but his penchant for multitasking and controversy can create instability. Notably, Tesla itself warns that it is “highly dependent” on Musk’s leadership but that he “does not devote his full time and attention to Tesla” due to his roles in other ventures ([3]). In addition to being CEO (or “Technoking”) of Tesla, Musk runs SpaceX, leads the X (Twitter) social media platform, is involved with Neuralink, the Boring Company, and more ([3]). His frequent juggling of responsibilities raises the risk that Tesla might not always have his full focus – a concern that came to the forefront in 2022 when Musk’s acquisition of Twitter (and the subsequent time he spent restructuring that company) coincided with a sharp drop in Tesla’s stock. Musk’s public behavior and statements (often via Twitter/X) also introduce volatility: he has a history of making bold claims or jokes that draw regulatory ire (e.g., the 2018 “funding secured” tweet that led to SEC action). More recently, Musk’s political forays have unsettled some investors – for example, in mid-2025 he floated the idea of creating an “America Party” political movement, which caused Tesla’s stock to slide ~7% in one day amid fears of a distracted Musk and potential backlash ([8]). Corporate governance critics also point to Musk’s influence over Tesla’s board (which includes his brother) and several related-party transactions. In 2023, Tesla saw the surprise departure of its long-time CFO, raising questions about key-man risk beyond Musk. Additionally, Musk’s personal stock trades have drawn scrutiny: a Tesla shareholder lawsuit filed in 2024 alleges that Musk improperly sold $7.5 billion of Tesla stock in late 2022 while knowing material non-public information (potentially “insider trading”) ([12]). Musk denies wrongdoing, but the incident highlights how his actions can create legal and reputational risks that may spill over onto Tesla.
– High Valuation & Expectations: Tesla’s rich valuation itself can be seen as a risk factor. With the stock priced for perfection, any hiccup in execution or growth could cause outsized stock volatility. For instance, in late 2023 and into 2024, as Tesla’s growth appeared to slow and margins fell, the stock experienced sharp swings and significantly underperformed the broader market and tech peers. If Tesla cannot meet the market’s aggressive growth forecasts (whether due to competition, saturation in EV demand, or delays in new products), there could be a significant de-rating of the stock’s multiples. Moreover, the macroeconomic backdrop (interest rates, consumer sentiment, commodity prices for batteries, etc.) can quickly turn from tailwinds to headwinds. Tesla is also exposed to geopolitical and supply chain risks, given it relies on critical materials (like lithium for batteries) and has major manufacturing operations in the U.S., China, and Europe. Any disruption – say a surge in battery material prices or trade restrictions – could pose challenges. In short, Tesla has a very small margin for error in the eyes of the market right now. Investors should be prepared for continued volatility and monitor key metrics like delivery growth, gross margin, and progress on new initiatives to gauge whether Tesla can live up to its sky-high expectations.
Open Questions and Future Outlook
Tesla’s journey is far from over, and there are several open questions that could determine whether Musk’s bold bets (and pay plan) translate into another “win” for investors:
– Will Tesla Start Returning Cash to Shareholders? Tesla’s no-dividend stance is clear for now ([3]), but if the company continues to accumulate cash (and once its major capacity investments are built out), pressure could mount for shareholder returns in the form of buybacks or even a maiden dividend. Musk has mentioned the likelihood of a “meaningful buyback”** at some point ([5]), suggesting that once Tesla’s free cash flow consistently exceeds its growth needs, the board may consider repurchasing shares. A buyback could be beneficial given Tesla’s past stock issuance and dilution; however, it would signal that Tesla’s growth projects have fewer capital demands, which might only happen if Tesla’s expansion moderates. This balance between growth and returns will be crucial – and is essentially unprecedented in the auto industry for a company growing as fast as Tesla. Investors will be watching Tesla’s cash flow and capex closely in coming years for any inflection point that could enable capital returns.
– How Will Elon Musk’s Compensation Evolve (and Does It Matter)? Musk’s 2018 pay package – controversial for its size but admired for its structure – has now mostly vested as Tesla blew past the ambitious milestones set for him ([1]). However, that plan’s legality is still being fought in court (a judge initially invalidated it in early 2024, calling the sum “unfathomable,” though shareholders re-approved the grant in a revote) ([2]) ([13]). In the meantime, Tesla’s board doesn’t want Musk’s incentives to lapse: in August 2025, they approved an “interim” stock award of 96 million shares (worth ~$29 billion) that will vest over 2025–2027, as long as Musk stays on as CEO or a top executive ([14]). This new award is essentially a bridge to keep Musk focused on Tesla’s future targets while the old package’s status remains uncertain. For investors, the key point is that Musk is extraordinarily incentivized to drive Tesla’s value higher. His compensation is almost entirely equity-based – he receives no salary or cash bonus ([1]) – so his interests are directly aligned with shareholders making gains. Historically, Musk has proven willing to take audacious risks and push the company to achieve the milestones that enrich him (and by extension, other stockholders). The open question is what new goals will be set for Musk (and Tesla) in the next multi-year plan. Will it tie him to an even larger market cap (e.g. $2 trillion?) or to delivering on new business lines (like a fleet of robotaxis or energy business profitability)? Whatever the case, investors should understand that Musk’s “pay packet” is a bet on Tesla’s future – and if you believe in Tesla’s mission, essentially a bet you ride alongside him. Conversely, if Musk’s pay package were ever curtailed by courts or if he lost motivation, that would be a red flag; but given his significant personal stake (he still owns ~13% of Tesla) and these new incentives, Musk remains highly motivated to make Tesla succeed.
– Can Tesla Maintain Its Growth Trajectory with New Models? Tesla’s next phase of growth likely hinges on product expansion. The company’s current lineup (Models S, 3, X, Y and the new Cybertruck) will be joined by a long-promised affordable model in the coming years. Tesla has indicated it plans to launch a next-generation platform for a cheaper EV, with Musk tentatively targeting 2025 for initial production ([9]). If Tesla can produce a ~$25k–$30k compact car with compelling specs, it could unlock a much larger addressable market (especially in markets like India or Southeast Asia, and for younger buyers in developed markets). However, designing an inexpensive Tesla that maintains decent margins is a challenge, and Tesla has delayed such plans before (Musk shelved an earlier idea for a lower-cost model in favor of focusing on the Optimus robot in 2024 ([9])). Execution risk is thus an open question: will the Cybertruck ramp up smoothly and find broad appeal beyond early adopters? Will the next-gen affordable Tesla arrive on time and be high-quality? Additionally, Tesla’s vehicle refresh cycle has been slow – Models S and X are now a decade old (albeit updated), and even Model 3 is several years into its life (a facelifted “Model 3 Highland” version was just introduced). Tesla must broaden and update its lineup to attract new customers and fend off competitors’ new EV offerings. The timelines and success of these new models (including a planned Roadster sports car and the long-teased Robotaxi vehicle) will significantly influence whether Tesla can reaccelerate its growth or whether it sees a plateau. Investors should keep an eye on Tesla’s product pipeline announcements (often discussed at Tesla’s Investor Day or AI Day events) for clues on the growth outlook.
– Will Autonomous Driving and AI Pay Off? Tesla has arguably been as much a software company as a car company, thanks to its over-the-air updates and the sale of its Full Self-Driving (FSD) feature package. Musk often touts a vision where Tesla’s fleet can operate as robotaxis, generating income for owners and the company, and where Tesla’s AI and robotics ventures create enormous value. For example, at the 2024 shareholder meeting, Musk claimed that Tesla’s humanoid Optimus robots and advances in AI could potentially boost Tesla’s market cap into the tens of trillions in the long term (an extremely aspirational estimate) ([15]). The open question is how much of this sci-fi future will materialize, and when. Tesla has fallen behind some expectations on self-driving – earlier target dates for achieving full autonomy have passed unmet, and competitors like Waymo and Cruise have made progress in robotaxis. If Tesla does crack full autonomy safely, it could unlock software licensing, ride-hailing services, and other high-margin revenue streams that are not currently in its earnings. Similarly, if the Optimus robot can be commercialized (for factories or elder care or any number of uses), Tesla could create an entirely new industry. These are long-tail opportunities – hard to model and not guaranteed – but they underpin the extreme bullish cases for Tesla’s valuation. Investors should watch for incremental developments: updates on FSD Beta performance, any limited launch of a Tesla robotaxi network, and prototypes or pilot programs for the Optimus robot. These will indicate whether Tesla is truly on the cusp of an AI-driven revenue revolution or if such prospects remain distant. In essence, Musk’s grand visions (which are key to justifying Tesla’s valuation) need to be measured against reality over the next few years.
– How Will Tesla Handle Leadership Transition and Succession? Elon Musk’s leadership is a cornerstone of Tesla’s identity – so much so that any hint of him stepping back can jolt the stock. While Musk currently appears deeply involved in Tesla (recently saying he’ll stay on as CEO as long as he can be useful), the succession question looms in the background. Musk is 52 years old and extraordinarily busy; at some point, Tesla may need a plan for when he eventually focuses on other endeavors or retires. Who could fill his shoes? Thus far, Tesla has not identified a clear “second-in-command” publicly. The 2023 surprise exit of Tesla’s well-regarded CFO, Zach Kirkhorn (who some viewed as a possible future CEO candidate), highlighted the key-person risk around Musk. Tesla’s board has added some experienced members (e.g., former CTO JB Straubel rejoined as a director ([16])), but there is no obvious successor with Musk’s combination of technical, operational, and charismatic leadership. This is less a near-term issue and more a strategic one: Tesla’s long-term investment thesis partly assumes Musk’s continued vision and drive. If, for any reason, Musk’s involvement in Tesla diminishes without a strong replacement strategy, it could impact Tesla’s innovation or investor confidence. On the flip side, a well-managed transition (when the time comes) to a new leader who can execute Musk’s vision could reassure investors. This remains an open question and one that Tesla’s board will need to grapple with thoughtfully, especially given Musk’s importance and the aforementioned legal challenges around his pay and governance.
Conclusion: Tesla stands at the intersection of disruptive technology and industrial scale, led by a CEO whose personal incentives are tightly interwoven with shareholder outcomes. Elon Musk’s massive pay package – now partially in limbo and supplemented by a new interim award – symbolizes the high stakes and high expectations riding on Tesla. For investors, the bet is that Musk will “deliver in the end,” as he famously quipped, by achieving breakthroughs that justify Tesla’s valuation ([13]). The company’s fundamentals show both strength (a solid balance sheet and global EV leadership) and areas to monitor (margin pressures and rising competition). Moving forward, Tesla’s ability to enter new markets (affordable EVs, energy, robotics) and to maintain its edge in existing ones will determine its financial trajectory. If Tesla succeeds in these endeavors, Musk’s pay could indeed fuel your next win – as a rising stock price would reward shareholders and unlock Musk’s remaining incentives. However, investors should remain vigilant of the risks and understand that with great potential comes great volatility. In the past, betting alongside Musk’s bold vision has been rewarding, albeit nerve-wracking at times. The next chapters for Tesla – from product launches to legal resolutions – will be crucial in validating that bet once again, or not. As always with Tesla, “eyes on the road ahead” is apt: keep watch on execution and enjoy the ride, but buckle up for potential twists and turns.
Sources:
– Tesla, Inc. 2024 Annual Report (Form 10-K) – Dividend policy, financial statements, and risk factors ([3]) ([3]) ([3]) ([3]). – Tesla Investor Relations – January 2018 official announcement of Elon Musk’s 10-year performance award ([1]) ([1]). – CNBC – Stock quote and key statistics for TSLA (market cap, P/E, debt/equity, etc.) ([4]); Coverage of Tesla’s 2024 shareholder meeting and Musk’s compensation votes ([2]) ([13]). – Reuters – News analysis on Musk’s pay package approval and Tesla’s valuation (Noel Randewich, June 2024) ([2]) ([2]); Reports on Tesla’s margin pressures from price cuts (Hyunjoo Jin & Akash Sriram, July 2024) ([9]) ([9]); Credit rating upgrades (Moody’s, March 2023) ([6]) ([6]); Competition in China and delivery trends ([2]) ([8]); Autopilot legal issues and probes ([10]) ([11]); Investor concerns over Musk’s distractions ([8]); Shareholder lawsuit alleging Musk’s stock sales/insider trading ([12]). – Nasdaq/Benzinga Insights – Peer comparison of Tesla vs auto industry metrics (P/E, P/S, ROE, growth, etc.) ([7]) ([7]). – Straits Times (Bloomberg) – Context on Tesla’s credit facility and leverage, quoting Moody’s rationale for investment grade upgrade ([6]) ([6]). – Investing.com / Shacknews – Quotes from Elon Musk on potential share buybacks and long-term market cap ambition ([5]).
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For informational purposes only; not investment advice.
