Elon Musk looking for 25% voting share at Tesla ahead of AI, robotics growth
Tesla. "I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned.
Unless that is the case, I would prefer to build products outside of Tesla. You don’t seem to understand that Tesla is not one startup, but a dozen. Simply look at the delta between what Tesla does and GM.
As for stock ownership, itself being enough motivation, Fidelity and others own similar stakes to me. Why don’t they show up for work?" he wrote. Also Read | Tesla gets a $94 billion reality check as EV winter sets in Voicing concern over the need for a minimum 25 percent voting control in the company, Musk said he wants enough stock "to be influential", but not so much "that I can't be overturned".
He also praised the Tesla board adding that his concern was due to the growth of artificial intelligence (AI) and robotics at the company. Musk holds 13 percent of Tesla, and is willing to explore a dual-class voting structure to achieve the desired 25 percent voting control, as per his posts on X. He however said this structure would be a challenge to implement after the initial public offering (IPO) in Delaware.
"I should note that the Tesla board is great. The reason for no new “compensation plan" is that we are still waiting for a decision in my Delaware compensation case. The trial for that was held in 2022, but a verdict has yet to be made.
I put “compensation plan" in quotes, because, from my standpoint, this is primarily about ensuring the right amount of voting influence at Tesla. If I have 25%, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me. At 15% or lower, the for/against ratio
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