Elon Musk's stake in Tesla influences his 'artificial intelligence' decision
Elon Musk, CEO of SpaceX and Tesla, stated that he does not want to invest in artificial intelligence technology at the electric vehicle manufacturer without increasing his stake to a certain level.
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In a post on his social media platform X, Musk stated that he finds it "dangerous" to grow Tesla into a leader in artificial intelligence and robotics in electric vehicle production "without having at least 25 percent" of the voting control.
The billionaire investor's statement came while a lawsuit filed against him by a Tesla shareholder in the state of Delaware is ongoing.
MUSK, SEEKING TO BE INFLUENTIAL AT TESLA, WANTS TO HOLD AT LEAST 25 PERCENT OF SHARES
Musk, who currently controls only 13 percent of Tesla shares, emphasized that "15 percent or lower share ratios increase the risk of the firm's control passing to others."
Elon Musk stated, "If I have 25 percent of the shares, it means I am influential (in the company's management). To reverse this, shareholders twice the size of my stake would have to vote against me."
Musk expressed the view, "Unless that is the case, I would prefer to build products outside of Tesla." In October 2022, Elon Musk sold a significant portion of his Tesla shares for 44 billion dollars to acquire the platform X, formerly known as Twitter.