American billionaire Elon Musk wants to double his shares in Tesla to gain more control over the direction of the electric car company. He explained this in several posts on the SMS service X (formerly Twitter). He claims that he would not be comfortable making Tesla a leading provider of AI and robotics technology without obtaining at least 25% of the voting rights. This is enough to have a real impact, but at the same time not so much that it cannot be exceeded. If he doesn't get the effect he wants, he prefers to develop these products elsewhere. At the same time, he assures us that there is no conflict with the Board of Directors.
More and more criticism directed at Musk
Since Musk sold Tesla shares en masse to fund the X/Twitter acquisition, he has owned about 13% of the shares. In short articles He also points out that other large companies have a system consisting of two different types of shares. Mark Zuckerberg owns private shares in Meta that give him more voting rights. It's strange that something like this can no longer be set up after an IPO, says Musk. He has recently drawn criticism from investors who say he is spreading his interest across too many companies while Tesla loses its leadership position. His political statements on X/Twitter also frequently cause uproar.
Musk explains in the posts that the board is still developing a plan for executive compensation. The backdrop is awaiting the final ruling in a court case over sky-high board salaries. To end this crisis, members have already agreed to repay more than $735 million. But Musk is now clarifying that it's not about the amount of money. It is important that he has sufficient voting rights. The fact that he wants to make Tesla an AI and robotics company seems to contradict statements that Tesla has been one for a long time. again and again He writes thatFor example, if Tesla is described as an (electric) car company only.
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