Interestingly, Musk had sold close to 22 million shares of the company in 2022. Currently, he owns approximately 411 million shares in Tesla
Elon Musk is “uncomfortable” growing Tesla into an Artificial Intelligence and Robotics giant unless he is given/has 25% voting control in the company.
The leader took to social media platform X (Formerly known twitter) to clear his intentions about the company.
“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,” read his tweet.
Musk’s tweets have come at a time when Hertz Global Holdings is offloading approximately 20,000 electric vehicles, including Tesla models, from its U.S. fleet.
Within the same Tweet, he also mentioned that his preference, if 25% is not given, would be to build these products outside Tesla. Interestingly, Musk had sold close to 22 million shares of the company in 2022.
Previous to the sale, he owned 17% of Tesla’s stake in 2021. According to him 25% stake will give him powers to be influential. However, the same can be “overridden if twice as many shareholders” decide to vote against him!
His tweet continued, “At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy. I would be fine with a dual class voting structure to achieve this, but am told it is impossible to achieve post-IPO in Delaware.”
Following its move in China, the company reduced prices of Tesla Model Y in Long Range and Model Y Performance by 5,000 euros to 49,990 euros ($54,340) and 55,990 euros in Europe, respectively.
