HomeTechnologyMusk wants 25% voting control in Tesla before meeting AI goals

Tesla CEO Elon Musk said he would be uncomfortable making the automaker a leader in artificial intelligence and robotics without at least 25% voting control of the company, nearly double his current stake.

Musk said in a post Monday on the social media platform Not so much that I can’t be turned upside down.” At Tesla, he would prefer to build products outside the electric-vehicle maker.

Musk warns about developing AI and robotics outside Tesla unless he gets more voting control May violate his duties as CEOGovernance experts and analysts said.

He has long praised Tesla’s partially automated “full self-driving” software and its prototype humanoid robots, but the electric-vehicle maker generates most of its revenue from its automotive business.

He also promoted Tesla’s Dojo supercomputer to train AI models, Morgan Stanley analysts said adam jonas It said in September its market value could grow to about $600 billion by helping accelerate its entry into robotics and software services.

Tesla shares rose 0.5% on Tuesday, but have fallen more than 11% since the beginning of the month.

Musk, the world’s richest man, currently owns about 13% of Tesla stock after selling billions of dollars of shares in 2022 to finance his $44 billion purchase of Twitter.

In a separate post on It was impossible.

“It’s weird that a crazy multi-class share structure like Meta, which gives control to the next 20+ generations of Zuckerbergs, is OK before the IPO, but not even a proper dual class is allowed after the IPO,” he said. , referring to Facebook founder Mark Zuckerberg.

Companies with a dual class structure have two or more types of shares with different voting rights – usually one for founders or early investors with greater voting rights and another for other shareholders with less voting power.

Tesla did not respond to a request for comment.

musk currently Faces a lawsuit over his compensation package. Tesla shareholder Richard Tornetta sued Musk and the board in 2018, hoping the co-founder used his dominance on Tesla’s board to obtain a larger compensation package requiring him to work full-time at the EV maker. There was no need to do it.

Musk said on X that he has no “feud” with the board over his new compensation package and said discussions were being hampered by the pending decision.

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