Tech billionaire and world's richest man, Elon Musk, expressed unease with his current shareholding in electric car manufacturer Tesla on his social media platform, X (formerly Twitter). Musk voiced concerns about growing Tesla into a leader in AI and robotics without having approximately 25% voting control.
He emphasized the importance of being influential yet open to being overturned, indicating his preference to build products outside of Tesla if this condition is not met.
Musk, who holds a 13% stake in Tesla, praised the Tesla board but highlighted his concern over the growth of artificial intelligence (AI) and robotics within the company. He indicated a willingness to explore a dual-class voting structure to achieve the desired 25% voting control. However, Musk acknowledged that implementing such a structure after the initial public offering (IPO) in Delaware could be challenging.
Addressing the absence of a new compensation plan, Musk stated it was linked to awaiting a decision in his Delaware compensation case, with the trial held in 2022. Musk emphasized the importance of voting influence, stating that having 25% would make him influential but subject to being overridden by twice as many shareholders voting against him.
Musk also highlighted Tesla's diverse projects, including the development of the Optimus robot and investments exceeding $1 billion in the Dojo supercomputer project, aiming to enhance machine-learning models for Tesla's self-driving systems.
Tesla has faced shareholder discontent, with its shares declining by 12% in the current year after a remarkable doubling in 2023, resulting in a loss of over $94 billion in market valuation. Musk has grappled with shareholder dissatisfaction on various fronts, including succession planning and accusations of distraction due to his involvement with X. He also clarified a lawsuit concerning his compensation package filed by shareholder Richard Tornetta in 2018, alleging collusion to secure an oversized compensation package without requiring Musk to work full-time at Tesla.
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