Ark Invest CEO Cathie Wood: Tesla CEO Elon Musk deserves his pay package

요약 보기

테슬라 연례총회에서 머스크 보상안 승인을 지지. 보상안 승인은 연 41% EBITDA 성장 달성 조건이며, ARK의 2030년 테슬라 목표주가 $2,600 중 약 90%는 로보택시에 기인하고 휴머노이드 로봇 비중은 작다고 설명. 미국 AI가 중국보다 앞서 있다고 보나 중국도 빠르게 추격 중이며 경쟁권 내라고 평가. ISS·Glass Lewis의 분석은 부적절하다고 비판.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Tesla holding its annual meeting today. We are awaiting results on the shareholder vote on Elon Musk's pay package and joining us right now first on CNBC is ARK Invest CIO and CEO Cathie Wood. Good morning to you. We are awaiting these results. I don't know if it's a foregone conclusion and if you look at some of the betting markets, whether it's Kalshi or Polymarket, it's like a 90 plus percent chance that Elon Musk's pay package is approved.

02. Obviously, that still means that there's a 10% chance it isn't. If in fact it isn't, what do you think actually would happen? Uh Andrew, I don't know. Now that the the prediction markets here are where they are, we're not thinking about that. We're on to, okay, once they're done with or once they've launched robotaxis, how long will it take to launch and scale humanoid robots?

03. So, it's a very big story run by the most productive human being and visionary human being on Earth. So, we think he deserves this pay package. And if he if he delivers 41% compound annual rate of EBITDA growth. So, that's bottom line for the next 10 years. That will put Tesla in rarefied territory.

04. Never has company anywhere near this size done anything like that. And that will bring a lot of other people along. Amen. I find the I find the argument against the pa- I mean, look, I understand why people don't like the packages are. People who feel that they're being held hostage and I get that. But the truth is he doesn't he will not get paid unless they get paid.

05. And so I've been surprised. Have you talked to actually any of the, you know, governance firms like ISS or Glass Lewis or any of these pension funds that have been raising red flags? No, I haven't. I do think I mean, we we we don't think ISS and Glass Lewis are doing the right kind of research to understand to put into perspective what this company is doing and therefore what a compensation scheme should look like actually.

06. Pay pay for performance, align align company management with shareholders long term. Right now we have shareholders very short term focused and that has made management teams very short term focused and is a big problem for this market. Tesla's doing things the right way and I think this is a very important vote.

07. When you look at the valuation of Tesla and just your projections for the company, how much of the math for you is about robotaxis versus humanoid robots and whatever else comes after that? Right. Well, uh So, we have a 2030 price target It's it's published. It's out there at 2600. Hasn't changed in quite some time.

08. 90% of that valuation is a function of robotaxis. We have very little for humanoid robots and we're doing the research right now to understand how difficult it will be to scale humanoid robots. So, the problem or the humanoid robot problem complexity is multiples of robotaxis. Now, we think Tesla is in the best position cuz it's already a robotics, energy storage and AI company with robotaxis.

09. So, it's a good part of the way there, much further than most companies I would say. And so we have very little in that 2600 for humanoid robots. To the extent humanoid robots evolve faster than we're expecting, then that price target goes up. I want to want to switch gears for a second to some of these comments that we you and I have talked about AI for a very long time.

10. We've talked about AI in the US versus the sort of AI I don't know if we call it a war that we're in with China. I don't know if you heard some of the comments that were recently made just in the past 24 hours by Jensen Huang who runs Nvidia. He was quoted in the Financial Times effectively saying that he thought that China was ahead oddly enough of the United States.

11. And then he sort of walked them back a little bit online. Where do you think the US is relative to China in this moment? I think we are ahead. I mean, we we monitor large language models and have been very impressed since DeepSeek with China's progress and surprised. And I think one of the reasons is they've gone the open source software route.

12. We forced them to do that. Our software companies stopped selling into China because of IP theft. So, they went the open source route, which is which is very fast moving. And you had President Xi Jinping shift from common prosperity, the the slogan, common prosperity to new productive forces, which was all about technology.

13. So, we think they're This is command and control as always in in China. And they're they're very fast moving when they put their mind to a project. And we think AI is one of their biggest projects. So, you know, we we don't think they're that far behind, but we think they're running very fast and certainly I think they are within competitive range of the US.