Half of the Elon musc is even better than none

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The Tesla Council does not seek to replace Elon Musk as CEO. Her said this ThursdayIn response to an article by Wall Street Journal that had stated the opposite. The question is, however, because it should not even try it.

Musc It is, famous, not just an automotive executive. It is also a cake in front of corporate government proponents. For decades, they have to cook policies aimed at improving the company’s directors and executives to create value. Tesla has explained some of its most sacred principles and shareholders who vote at their annual meetings have approved mostly.

Mercat capitalization bar graph as multiple of 2027 earnings that show an autonomous assessment

In Whit: He has had multiple jobs, directing a spabricant Spacex and a lamb artificial intelligence dress even before he directed to the so-called Donald Trump Government Efficiency Department Department. Companies can welcome executives to the public service. JPMORGAN, for example, allows the elderly to go to Washington to keep their bonus. But usually these roles are consecutive instead of concurrent.

Musk has also written numerous checks that have subsequently failed in cash, from vehicle delivery objectives to the date of arrival of completely auto-qualified cars. Then there was the $ 56 million bonus that the Council approved in the middle What a judge called “little lack” supervision – A word by Tesla Robyn Denholm has rejected.

Investors do not care collectively. That the company currently has five independent directors, where The US average is againAccording to Spencer Stuart, he has had little effect on the price of shares. Someone who parked $ 1 in Tesla shares 10 years ago has almost $ 20. The same dollar in the S&P 500 is worth $ 3.

It is not that corporate government does not matter. But there are times when other considerations predominate. There is an adage on the bank that, when the customer cannot pay a $ 100 loan, is his problem; When they can’t pay a $ 1 million loan, it’s the bank’s problem.

Something similar is applied to Tesla, as the musc is too large to expel, and also too valuable. Take a forecast income of $ 11 million from Tesla for 2027, collected by Visible Alpha. Even in an extremely generous multiple of 45, similar to luxury companies such as Ferrari and Hermès, the result is a market capitalization of $ 500 million, compared with the actual $ 884 million of Tesla.

This suggests that the additional $ 400 million reflect the value involved in the same Musk. This makes sense: without it, the company could make cars, but probably not humanoid assistants or connected robotax, all things value today as real.

In addition, it is due to the Musk that Tesla’s assessment benefits from the support of the hordes of exuberant retail traders. As Barclays analysts have noted, actions have sometimes been contributed more in accordance with Bitcoin than the broadest market. Carmaking rules do not apply to Tesla; We like it or not, or the rules of good government.