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Musk seeks 25% voting share at Tesla
© Reuters. FILE PHOTO: Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 1
(Reuters) – Elon Musk said on Monday he would be uncomfortable growing AI/robotics at Tesla (NASDAQ:) without at least a 25% voting control of the company.
Tesla CEO Musk said in a post on social media platform X, formerly known as Twitter, that unless he got stock that is “enough to be influential, but not so much that I can’t be overturned”, at Tesla, he would prefer to build products outside of the electric vehicle manufacturer.
Musk currently owns around 13% of Tesla stock.
In a separate post, he said he would be fine with a dual class voting structure to achieve his goal of getting 25% voting control, but was told it was impossible after the initial public offering in Delaware.
Tesla did not immediately respond to a request for comment.
Musk currently faces a lawsuit over his compensation package. Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to obtain an outsized compensation package that did not require him to work at the electric car maker full-time.
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