Tesla is renowned for not investing in advertising like its rivals, instead depending heavily on Musk’s capacity to generate free publicity. Musk has 140 million Twitter followers.
Elon Musk denied rumors that he could resign as CEO of Tesla on Tuesday and announced that the maker of electric vehicles and solar panels would begin advertising at the company’s annual shareholders meeting.
One shareholder questioned Musk about resigning as Tesla’s CEO, saying, “Say it ain’t so.” He responded, “It ain’t so,” without deliberation.
Musk said he is open to Tesla trying advertising when another shareholder proposed it.
He told the shareholder during the meeting at the Tesla plant site close to Austin, Texas, that this has some merit. We’ll give some advertising a shot and see how it works.
Since Elon Musk has 140 million followers on Twitter, which was acquired by the social media corporation for USD 44 billion last autumn, Tesla has renounced paying for advertising in favor of its rivals.
The company’s Full Self-Driving software is almost at the point where it is safer than human driving, Musk told shareholders. A promise he has made for a number of years, he had stated that the system should be ready this year.
Tesla claims on its website that drivers must always be ready to take over for the vehicles because they cannot drive alone. Additionally, US safety regulators ordered the corporation to recall the software because it occasionally disobeyed traffic laws. The National Highway Traffic Safety Administration has identified issues that will be resolved with an online software upgrade.
Musk warned during the meeting on Tuesday that the Austin-based company may have difficulties in the coming year, partly as a result of higher interest rates that have increased the cost of purchasing a car.
He asserted that Tesla is not immune to the state of the world economy and forecast that the company will succeed throughout the tough time even as many other businesses fail.
Later, he discussed the affordability of Tesla vehicles on CNBC. He claimed that if your housing or auto payments increase, you will have less money for other expenses.
He acknowledged to the group that working might be excruciatingly painful at times.
He referred to his stint as Twitter’s CEO as a passing diversion and claimed that the company required open heart surgery to assure its survival.
He’s glad Linda Yaccarino, whom he hired away from NBCUniversal to oversee Twitter, is in charge now that it’s in a secure position. Compared to the past six months since he purchased the social media network, Musk said he will spend a lot less time on Twitter going forward.
Shareholders approved the appointment of JB Straubel, a co-founder of Tesla Inc. and a former CTO, to the company’s board of directors for the following three years prior to Musk’s speech. In order to launch a business that recycles battery materials, Straubel quit Tesla in 2019.
Additionally, Musk and board chair Robyn Denholm were re-elected by shareholders.
