Advertisement

Updated January 16th, 2024 at 08:47 IST

Elon Musk expresses intent for 25% voting share at Tesla

The development comes amid a lawsuit facing Musk regarding his compensation package.

Business Desk
Elon Musk
File photo of Elon Musk. | Image:AP
Advertisement

Tesla CEO Elon Musk has revealed his discomfort with the idea of expanding AI and robotics initiatives at Tesla without securing at least a 25 per cent voting control in the company.

Musk took to the social media platform X, formerly known as Twitter, stating that he prefers to have stock that grants him influence without rendering him immune to being overruled. Currently holding around 13 per cent of Tesla stock, Musk expressed his willingness to explore a dual-class voting structure to achieve the desired 25 per cent control.

Advertisement

Tesla has not provided an immediate response to requests for comments on Musk's statements.

The development comes amid a lawsuit facing Musk regarding his compensation package. Tesla shareholder Richard Tornetta initiated legal action in 2018, aiming to demonstrate that Musk leveraged his influence over Tesla's board to secure a compensation package that exempted him from working full-time at the electric car company.

Advertisement

The unfolding situation adds another layer of complexity to Musk's role and influence within Tesla.

(With Reuters inputs)

Advertisement

Published January 16th, 2024 at 08:47 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo