World's richest man Elon Musk took to his social media site X (formerly known as Twitter) to express discomfort with his current shareholding in electric car manufacturer Tesla.
Source: X
I am uncomfortable growing Tesla to be a leader in AI & robotics without having 25 per cent voting control.
Source: AP
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.
Source: ELON MUSK
He also praised the Tesla board adding that his concern was due to the growth of artificial intelligence (AI) and robotics at the company.
Source: IMDB
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.
Source: Wikimedia Commons
He however said this structure would be a challenge to implement after the initial public offering (IPO) in Delaware.
Source: Tesla
If I have 25 per cent, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me.
Source: Britanica
At 15 per cent or lower, the for/against ratio to override me makes a takeover by dubious interests too easy.
Source: Bio.
At Tesla's AI Day in 2021, Musk underscored the company's role as a leader in real-world AI, going beyond its identity as an electric car maker.