Tesla CEO Elon Musk expressed discomfort with growing the company to become a leader in artificial intelligence and robotics unless he attains at least 25% voting control, nearly double his current stake, Reuters reports.
Musk, the world’s richest person, currently owns about 13% of Tesla and stated on his social media platform X (formerly Twitter) that he wishes to have enough influence without being immune to overturning decisions. Musk mentioned openness to a dual-class share structure to achieve the desired voting control.
Musk suggested that if he didn’t attain the required stock, he would prefer to develop products outside of Tesla. Tesla’s shares dropped about 2% in premarket trading, following Musk’s comments.
Musk is currently facing a lawsuit over his compensation package, with a shareholder claiming he used his board influence for an outsized compensation without full-time work at Tesla. Musk denied any “feud” with the board and attributed the delay in discussions to the pending lawsuit verdict.
