Elon Musk, CEO of Tesla and SpaceX, who also owns the social media platform X (formerly Twitter), has expressed his desire to have approximately 25% control over the voting power for decisions related to electric cars, according to a report by CNBC.
Musk currently owns about 13% of Tesla’s shares, which amounts to nearly 411 million shares out of the company’s total of 3.19 billion shares, as stated in the latest financial report for the third quarter of 2023.
This stake is significant, especially considering that Musk sold tens of trillions of dollars worth of his Tesla shares in 2022 to fund the acquisition of Twitter in a deal valued at $44 billion. Musk now leans towards regaining more control over Tesla.
Last Monday, Musk wrote on the X platform: “I’m not comfortable with developing Tesla into a leader in artificial intelligence and robots without controlling about 25% of the vote.” He added, “Unless that’s the case, I’d rather build products outside of Tesla.”
Musk continued, “It seems you don’t understand that Tesla is not a single startup but dozens of startups. Just look at what Tesla is doing and what General Motors is doing. As for stock ownership, it is an incentive in itself.”
Musk’s post contradicts previous statements indicating that Tesla is already a significant player in the field of artificial intelligence and robotics, with its value depending on its expertise in these areas.
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