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LetMyPeopleVote

(148,735 posts)
Thu May 23, 2024, 02:22 PM May 23

Elon Musk confirms his threat: give me 25% of Tesla or you don't get AI and robotics [View all]

Musk was sued in Delaware on his Tesla compensation package. The Delaware Chancery Court overturned Musk's outrageous Tesla compensation package. Musk and the Tesla board is attempting to get this package approved and ratified at the next stockholders meeting. Musk is threatening to punish Tesla if his package is not approved. This will be fun to watch



https://electrek.co/2024/05/20/elon-musk-confirms-threat-give-me-25-of-tesla-or-no-ai-robotics/

Elon Musk appears to confirmed and even clarify what can be seen as a threat to Tesla shareholders: give me 25% of the company or I won’t build AI and robotic products at the company, after making clear that the company is worthless without those.

In recent years, Musk has repeatedly stated that Tesla is an AI and robotics company. He has even said that Tesla is worth virtually nothing without self-driving, its main AI product.

More recently, the CEO has not only said that but has also been making moves to ensure that this is the only path for Tesla, like canceling the cheaper Tesla vehicle on the unboxed platform in favor of its upcoming Robotaxi.

That’s why it was really concerning when the CEO suggested that he is “uncomfortable” building AI products at Tesla unless he has “25% control over the company” – something he doesn’t have right now – partly because he decided to sell tens of billions of dollars worth of Tesla shares to buy Twitter.

Musk currently owns about 13% of Tesla’s shares. If his 2018 compensation package goes through, he will be closer to 18% – assuming that he sells some shares to pay for taxes. It means that he would need another compensation package worth tens of billions or a new share class at Tesla to give him more control.

Tesla is having issues due to Musk but the board is controlled by Musk. Musk is also wanting to move Tesla from Delaware to Texas to stop the Delaware courts from over ruling Musk's handpicked board.

This will be fun to watch
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