Jakarta, CNBC Indonesia – Tesla CEO Elon Musk gives investors an ultimatum. He felt uncomfortable developing AI and robotics at Tesla without having at least 25% of the controlling voice in the company.
The amount is almost double its current share ownership, quoted from Reuters, Wednesday (17/1/2024).
Investors have long praised Tesla's partially automated “Full Self-Driving” software, as well as its humanoid robot prototypes. However, so far Tesla makes the most money from the automotive business.
Tesla is also promoting its Dojo supercomputer for training AI models, which Morgan Stanley analyst Adam Jonas said in September could increase its market value by nearly US$600 billion by helping speed its rollout into robotaxis and software services.
Musk, the world's richest person, currently owns about 13% of Tesla after selling billions of dollars worth of shares in 2022. Part of the proceeds were used to buy Twitter for US$44 billion.
In a post on X, Musk said he would accept a dual-class share (DCS) structure, as long as he retained 25% control. However, Musk was told that this would not be possible after Tesla's initial public offering (IPO).
“A mutl-class company like Meta that gives full control to Zuckerberg for the next 20+ generations was fine before the IPO. But why would an incoming DCS be disallowed [di Tesla] after the IPO,” Musk questioned.
Companies with a DCS structure have two or more types of shares with different voting rights, usually one with greater voting rights for the founder or initial investor and another for other shareholders with smaller voting rights.
Tesla did not respond to a request for comment.
[Gambas:Video CNBC]
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