The CEO claims humanoid bots will transform Tesla into half the value of the S&P 500, despite a 27% stock slump this year.
Elon Musk has made another bold prediction – this time claiming that humanoid robots could boost Tesla’s value to an eye-watering £19 trillion.
The Tesla CEO told investors at the company’s 2024 annual shareholder meeting in Austin, Texas, that the robots, dubbed Optimus, could one day catapult Tesla to more than half the current worth of the S&P 500, which stands at £35 trillion.
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Tesla’s market cap today sits at £457 billion.
First revealed in 2021, Optimus robots are designed to handle everyday tasks like cooking, cleaning, factory work and even teaching children.
Musk likened them to Star Wars favourites R2-D2 and C-3PO, saying Tesla aims to have more than 1,000 of them in use by 2025.
The billionaire also projected Tesla could one day produce 100 million robots a year, each priced at around £20,000.
He even floated the idea of an automated robot-taxi service using Tesla cars.
Despite the hype, Tesla stock has slid 27% in 2024, hit by an ageing EV lineup and fierce competition from Chinese manufacturers.
Still, shareholders at the meeting approved Musk’s controversial £44 billion compensation package, which had previously been struck down.
Opening his presentation with characteristic flair, Musk declared:
“I just want to start by saying hot d***! I love you guys.”
Whether the robots deliver on Musk’s £19 trillion vision remains to be seen – but as ever, the Tesla boss is keeping the future firmly in the spotlight.
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