Tesla Chief Executive Elon Musk said he is seeking additional control of Tesla so he can have more influence over the handling of the company’s artificial intelligence and robotics technology.
Tesla shares tumbled over 5% on the news.
“I see a path to creating an artificial intelligence and robotics juggernaut of truly immense capability and power,” Musk said.
“I don't want to control it,” he said, adding that he didn’t want to be “voted out by some sort of random shareholder advisory firm.”
Last week, Musk said he felt uncomfortable making Tesla a leader in AI and robotics without controlling roughly 25% of the company.
“I'm not looking for additional economics,” Musk said on the call Wednesday, raising the possibility of a dual-class stock. “I just want to be an effective steward of very powerful technology.”
He said 25% would give him control of the company but still allow investors to throw him out “if I go bonkers.”
“That's what I am aiming for ... strong influence, but not control," Musk said. "If there’s some way to achieve that, that would be great."