Elon Musk says he wants a far more significant stake in Tesla than the one already making him the world's richest person.
Musk stated in a series of postings on X Monday night that he would not want to expand Tesla to become a leader in artificial intelligence and robots unless he had a remuneration plan that would provide him with around 25% ownership of the company's equity. That would be about double the 13% stake he presently holds.
"I am concerned about Tesla becoming a leader in AI and robotics without having ~25% voting control." "Enough to be influential, but not so much that I can't be overturned," Musk said in an X post. "Unless that is the case, I would prefer to build products outside of Tesla."
Notably, Musk owned more than 20% of Tesla before selling many shares to acquire X, the social media business he bought for $44 billion over a year ago.
Tesla maintains the market leader in electric automobiles, but competitors are gaining pace. Musk has stated that the company's future lies in AI and robots.
On a teleconference with Wall Street analysts in January 2022, he noted that the company's objective of developing a humanoid robot is the most significant technology it is working on.
Musk stated of its proposed robot, "This, I think, has the potential to be more significant than the vehicle business over time."
The robot is not ready for primetime: Tesla introduced the robot, Optimus, during the company's AI Day in September. It walked stiffly on stage, slowly waved at the audience, and motioned with its hands for almost a minute.
Nonetheless, Tesla believes in a robot-led future, and investors have pushed the stock up over the last year in the hopes that Musk and co. Would deliver advancements that take the firm to new heights.
So, any indication that Musk would not pursue that line of work at Tesla might be troubling for investors. Tesla (TSLA) shares dipped 1.5% in premarket trade on Tuesday.
Source: CNN
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