Elon Musk, CEO of Tesla and owner of the social network X (formerly Twitter), has expressed his desire to gain about 25% of voting control over Tesla. Musk currently holds approximately 13% of Tesla’s shares, making him the largest shareholder. In a post on X, Musk stated that he is uncomfortable with growing Tesla’s leadership in AI and robotics without having significant voting control. He believes that having around 25% voting control would make him influential but still subject to being overridden by shareholders.
Musk’s statement contradicts his previous remarks about Tesla being an important AI and robotics company. He emphasized the need for significant influence over the company’s direction in these domains. Musk’s post also highlighted the complexity of Tesla, describing it as not just one startup but a collection of a dozen. He suggested a comparison between Tesla and General Motors, emphasizing Tesla’s focus on AI, robotics, and automation.
The call for increased voting control adds another layer of pressure on Tesla’s board of directors in 2024. The board is already dealing with concerns from investors related to Musk’s split focus on other ventures, divisive commentary, federal probes involving Musk and Tesla, and ongoing legal matters, including a trial in Delaware over Musk’s earlier $56 billion pay package.
Musk also mentioned that Tesla’s board is awaiting a decision in the Delaware compensation case before establishing a new compensation plan for him. The outcome of Musk’s call for increased voting control will likely be closely watched by investors and industry observers, given its potential impact on the future direction of Tesla and Musk’s influence within the company.