Elon Musk Aims for 25% Voting Share at Tesla

Elon Musk, CEO of Tesla, voiced his unease about advancing AI/robotics at the company without attaining a 25% voting share. In a social media post, Musk emphasized the importance of having stock “enough to be influential, but not so much that I can’t be overturned.” Presently holding approximately 13% of Tesla stock, Musk expressed his willingness to explore a dual-class voting structure to achieve the desired control, even though he was informed it was unattainable post the initial public offering in Delaware. Tesla is yet to respond to inquiries regarding Musk’s statements.

Simultaneously, Musk is entangled in a legal battle over his compensation package. Shareholder Richard Tornetta filed a lawsuit in 2018, alleging that Musk exploited his influence over Tesla’s board to secure an overly generous compensation package without committing to full-time work at the electric car manufacturer. As the lawsuit unfolds, Musk’s quest for increased voting control adds a layer of complexity to the ongoing legal proceedings.