January 17, 2024 – Tesla CEO Elon Musk took to social media on Monday, local time, urging the Tesla board to increase his voting power in the company. He warned that if his request is not met, he might consider leaving Tesla to explore product development outside the company.
In his post, Musk stated, “What makes me uncomfortable is building Tesla into a leader in the field of artificial intelligence and robotics without having approximately 25% of the voting power. This level of voting power is enough to give me influence but not to make me irremovable.”
As the wealthiest person globally, Musk currently holds around 13% of Tesla’s stocks. In 2022, he sold billions of dollars worth of shares, partly to fund his $44 billion acquisition of Twitter.
Despite Musk’s emphasis on Tesla’s partially automated “Full Self-Driving” software and prototype humanoid robots, the majority of the electric car manufacturer’s revenue comes from its automotive business.
Tesla has not immediately responded to requests for comments on Musk’s statement.
Currently, Musk is facing a lawsuit regarding his compensation package. Tesla shareholder Richard Tornetta filed a lawsuit against Musk and the board in 2018, seeking to prove that the co-founder, leveraging his dominant position on Tesla’s board, secured a substantial compensation without the necessity of working full-time at Tesla.
Musk mentioned on Twitter that there is no “disagreement” with the board regarding his new compensation plan, and he pointed out that the pending judgment is hindering further discussions.
