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Elon Musk demands another huge payday from Tesla

via Fox News
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Elon Musk expressed his desire to increase his stake in Tesla to about 25%, double his current ownership.

He stated that he’s uncomfortable leading Tesla in AI and robotics without sufficient voting control. Musk currently owns 13% of Tesla.

If the new compensation plan is approved, it’s worth $83 billion. Musk is already the richest person in the world at roughly $230 billion. This new ownership stake would increase his worth beyond $300 billion.

Musk’s previous compensation plan faced legal challenges, and he awaits a ruling before agreeing to a new one. (Trending: 2024 Miss America Winner Crowned)

Musk wrote, “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,” he continued.

“This I think has the potential to be more significant than the vehicle business over time,” he explained.

“I should note that the Tesla board is great,” wrote the company’s CEO.

“The reason for no new ‘compensation plan’ is that we are still waiting for a decision in my Delaware compensation case,” he added.

He emphasized the need for a significant ownership share to maintain influence and prevent potential takeovers by opposing interests.

“If I have 25%, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me,” wrote Musk. “At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy,” he explained.

Musk ruled out a dual-class voting system for Tesla, citing regulatory challenges.

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