Elon Musk says 'the future is bright' for Tesla as he gets ready to charm disgruntled shareholders at its investor day

Elon Mush holds a Tesla-branded hard hat.
  • Oops!
    Something went wrong.
    Please try again later.
  • Elon Musk said Tesla's "Master Plan 3" will focus on a "fully sustainable energy future for Earth."

  • At the same time, the CEO cast optimism on the US automaker, saying Tesla has a bright future ahead.

  • Its "master plan", which will be unveiled on Tesla's Investor Day, comes at a time when shareholders are at odds with Musk.

Elon Musk said Tesla has a bright future ahead as he gets ready to charm vexed shareholders at its Investor Day.

The EV maker's CEO announced early Wednesday in a tweet that the company will unveil the third version of its "master plan" on March 1. According to the company press release, Investor Day will give investors the chance to see Tesla's most advanced production line and discuss long-term expansion plans.

"Master Plan 3, the path to a fully sustainable energy future for Earth will be presented on March 1," he said. "The future is bright!" Musk added.

Musk first posted a master plan in 2006, that sought to outline ambitions to build an affordable electric sports car. Two years later, he announced "Master Plan, Part Deux," which included the billionaire entrepreneur's plans for his company over the next decade or so.

That included plans to launch an electric heavy-duty truck and a fully autonomous electric bus. Now, part 3 has dawned.

News of the "Master Plan 3" comes as Tesla shareholders grow concerned of Musk being distracted by his acquisition of Twitter. Investors have been anxious that his focus on the US carmaker would be pulled away as he takes on new duties at the social-media platform.

Such worries sent Tesla shares tumbling last quarter, following the announcement of Musk's Twitter buyout, as reports revealed he would use his shares in the automaker to help finance the deal. Musk is said to have sold $23 billion worth of Tesla shares last year to support the debt and equity purchase of Twitter for $44 billion.

By the end of 2022, Tesla's stock shed 62% – more than half of its value since April.

Musk's tweets have also stirred trouble with investors and Tesla owners. He was taken to court by investors who claimed his 2018 "funding secured" tweet influenced Tesla's stock price, resulting in billions of dollars in damages. This month however, Musk was cleared of the charges.

So far in 2023, Tesla has been off to a good start. Shares in the automaker have surged about 60% on investor hopes that Tesla's aggressive price cuts will boost demand and a better-than-expected fourth quarter earnings report.

Read the original article on Business Insider