Elon Musk, CEO of Tesla, voiced his discomfort on Monday about growing the automaker into an artificial intelligence and robotics leader without securing at least 25% voting control of the company. This statement comes as Musk currently holds nearly 13% of Tesla stock, and he emphasized the need for a more significant stake to exert influence without the risk of being overruled.
In a post on the social media platform X (formerly Twitter), Musk stated that he would prefer to build products outside of Tesla unless he obtained stock that was “enough to be influential, but not so much that I can’t be overturned.” While Musk has been a proponent of Tesla’s “Full Self-Driving” software and humanoid robots, the majority of the company’s revenue is generated from its automotive business.
Elon Musk, the world’s wealthiest individual, highlighted his willingness to consider a dual-class share structure to achieve the desired 25% voting control. However, he expressed frustration, noting that such a structure is deemed impossible post-IPO, contrasting it with Meta’s multi-class share system that allows extended control for its founders.
Despite Musk’s willingness to embrace a dual-class structure, Tesla has not provided an immediate response to inquiries seeking comments on this matter.
Elon Musk is currently facing a lawsuit related to his compensation package. Tesla shareholder Richard Tornetta filed a lawsuit in 2018, alleging that Musk, through his dominance over Tesla’s board, secured an excessively generous compensation package without committing to full-time work at the electric vehicle company.
Musk clarified on X that there is no ongoing “feud” with the board concerning his compensation package and suggested that a pending verdict is hindering discussions on the matter.