Elon Musk Expresses Discomfort Over Lack Of Voting Control At Tesla
Tesla CEO Elon Musk on X disclosed his discomfort with the prospect of expanding AI and robotics at Tesla without obtaining at least a 25 per cent voting control of the company.
Musk stressed on the need for stock holdings that would grant him influence but not render him immune to being overruled by others within the company. Currently holding around 13 per cent of Tesla stock, Musk hinted at his preference for developing products outside of the electric vehicle manufacturer if his desired level of control isn't achieved.
In a subsequent post, Musk expressed his willingness to accept a dual-class voting structure to attain the targeted 25 per cent voting control. However, he noted that this approach had been deemed unattainable after Tesla's initial public offering in Delaware. The specifics of the dual-class voting structure and the implications for Tesla's corporate governance remain to be seen.
The unfolding situation raises questions about the future trajectory of AI and robotics development within Tesla and the potential impact on the company's overall direction.
In addition to these developments, Elon Musk currently finds himself embroiled in a lawsuit over his compensation package. Shareholder Richard Tornetta initiated legal action in 2018, alleging that Musk, leveraging his dominance over Tesla's board, secured an excessively generous compensation package without committing to full-time work at the electric car manufacturer.
