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.
Tesla CEO Elon Musk says he wants at least 25% voting control of the company — otherwise, he would be 'uncomfortable' growing the automaker into a leader in artificial intelligence and robotics https://t.co/lFX8uEf4oZ pic.twitter.com/U8WUDWsVFU
— Reuters (@Reuters) January 17, 2024
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.
I don’t care how much this guy gets, if you want a leader to make sure the future of AI & robotics is awesome, you need the one that has put his blood, sweat, & tears to where Tesla is at today & where it’s headed.
Get Elon Musk to the 25%. ✅pic.twitter.com/vkHQRGJvNp
— Teslaconomics (@Teslaconomics) January 16, 2024
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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