Is Musk control freak?
Elon Musk is seeking more control over $Tesla Motors(TSLA)$ . He has publicly stated on social media that he was "uncomfortable" with the growing AI and robotic capabilities of the electric carmaker, without obtaining a 25% voting stake.
Public documents show that Musk currently holds a roughly 13% stake in Tesla, which is the main source of his $206 billion fortune.
Musk said he wants to have a pivotal but not unassailable amount of power, and a 25% voting stake would be just right. That way, Musk would have enough influence within the company, but his decisions could still be reversed if two times as many shareholders vote against him.
If the ratio is only 15% or even lower, suspicious interest groups could easily launch a takeover.
Musk has made it clear that he is willing to suspend Tesla's AI development unless he gets 25% of the voting power, preferring to develop products outside the company. Additionally, Musk also said he can accept a dual-class voting structure, but was told it can't be achieved in Delaware after the company goes public.
Musk has always been a fan of Tesla's AI capabilities. He once claimed that the company is developing what they believe to be the most advanced AI in the real world. Last year, analysts believed that Tesla was "severely overvalued," and Musk responded by calling it an "AI and robotics company."
However, the billionaire is also a well-known skeptic of AI.
Musk has been warning about the existential threat posed by AI. As early as 2018, he warned that this technology is more dangerous than nuclear weapons.
Additionally, Musk has also taken no pride in the company he co-founded, OpenAI, and its flagship ChatGPT, calling the chatbot biased and thus launching its own competing product.
Tesla shares fell 1.7% in after-hours trading, and have dropped nearly 12% in 2024.
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- LeoIII.·01-25Maybe he's just a perfectionist.LikeReport