Tesla CEO Elon Musk stated that in order to help Tesla become a leader in artificial intelligence and robotics, he would require at least 25% of voting power, which is almost double his current holdings. He mentioned facing resistance in achieving this goal.
On a social media platform, Musk mentioned that it is not impossible to achieve this goal. Tesla aims to have its products manufactured outside of electric car manufacturers.
Musk has been promoting Tesla’s partially automated “fully self-driving” software and prototype humanoid robots. However, the majority of Tesla’s revenue comes from its auto business.
According to Morgan Stanley analyst Adam Jonas, some analysts have highlighted the significance of technology such as Tesla’s Dojo supercomputer, used to train its AI models, in the valuation of the EV maker. He mentioned that “Dojo could add nearly $600 billion to the company’s market value.”
Following Musk’s comments, Tesla shares dipped about 2% in premarket trading on Tuesday.
As the world’s wealthiest individual, Musk currently owns approximately 13% of Tesla shares. He had sold billions of dollars in stock in 2022 to finance his $44 billion acquisition of Twitter.
In another post, Musk mentioned, “A crazy meta multi-class stock structure that gives control to the next 20+ generations of the Zuckerberg family is fine before the IPO, but even a rational dual class is not allowed after the IPO. That’s strange,” referencing Mark Zuckerberg, the founder of Facebook’s parent company.
A dual-class structure in a company involves two or more classes of stock with different voting rights, typically giving more voting rights to the founders and early investors than to other shareholders.
Tesla did not immediately respond to a request for comment.
Musk is currently facing a lawsuit over his compensation package. In 2018, Tesla shareholder Richard Tornetta sued Musk and the board, alleging that Musk had used his advantage over Tesla’s board to secure excessive compensation without being required to work full-time at the EV maker. They are aiming to demonstrate that he has earned the package.
With regards to Company X, Musk stated that there was no “dispute” with the board over the new compensation package, and mentioned that the pending verdict was affecting discussions.
Source: www.theguardian.com
