Beyond Meat Looks To The Future In Hiring Former Tesla Executive
Former Tesla executive Sanjay Shah is the new COO of Beyond Meat, having now represented two very forward-thinking companies.
Beyond Meat Inc (NASDAQ: BYND) said on Thursday it has named former Tesla Inc (NASDAQ: TSLA) executive Sanjay Shah as chief operating officer, effective September 18.
Tesla, known for its sustainable energy investments in electric vehicles and solar energy, employed Shah in 2011 and saw him rise to the role of senior vice president of energy operations. He will now take part in a different kind of sustainability project: meat alternatives.
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Shares of the plant-based meat alternative company Beyond Meat have risen more than 500% since its May IPO. They rose again on Thursday as much as 2% following analyst comments on the company’s ‘overweight’ rating, and price target of $185. Barclays stock market analysts predict that Beyond Meat could take up to 4.5% market share of the global alternative meat industry, which is currently worth $14 billion in the U.S. alone. There are still some arguments that Beyond Meat, though not a bad investment, may be overvalued, which we discuss on our Stock Club podcast, but for a company committed to sustainability in an ever-growing market, the possibilities are limitless.
Here at MyWallSt, we firmly believe in the ‘buy-and-hold’ philosophy, so when looking at stocks, we think about what the world will look like in 10 years time. Global Climate Strike’s are taking place all over the world today, which marks the changing attitude of the general public towards environmental practices among bigger corporations, with sustainability at the forefront of companies such as Tesla and Beyond Meat.
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While Wall Street salivates over the meat-free market, Impossible Foods CEO Pat Brown feels “there is no urgency to go public.” This hasn’t stopped private investors queueing around the block for a taste, with valuations of as high as $5 Billion.
In the future will we see investors decide: to infinity and Beyond or Impossible is nothing?