Elon Musk Pushes for Bigger Tesla Stake to Grow AI, Robotics Ventures

Elon Musk Holds 13% of Tesla Stocks
“Enough to be influential, but not so much.”

Elon Musk, Tesla’s CEO, disclosed the necessity of acquiring a minimum of 25% voting rights to maintain influence in the company’s advancements in artificial intelligence (AI) and robotics. As reported by CNBC on the 15th, Musk, using his former Twitter platform X, stated his aim to hold a significant yet not absolute share, enough to be influential but still open to being overturned. He stressed that without this level of ownership, he would instead pursue product development outside of Tesla.

In 2022, Musk sold a significant amount of Tesla stock, raising $44 billion to acquire X. Currently, he holds approximately 13% of the total Tesla stake, equivalent to 411 million shares.

Elon Musk voiced his frustration, remarking on the common misconception that Tesla is a singular startup when, in reality, it consists of several startups. He further questioned the lack of active involvement from major stakeholders like Fidelity despite arguments that stock ownership should provide sufficient motivation.

Musk has consistently stressed Tesla’s role as an AI and robotics company. During Tesla’s first-quarter earnings call in April 2022, he predicted that Tesla’s humanoid robot, Optimus, “will ultimately be worth more than the car business and more than full self-driving.”

Musk’s desire for a stronger voice within Tesla appears to be weighing on the Tesla board. Some Tesla investors currently express dissatisfaction with Musk, citing his involvement in multiple venture companies like SpaceX and his sporadic use of Tesla resources. Concerns have also arisen regarding his political remarks that may undermine the company’s commitment to inclusiveness and diversity, along with recent suspicions of drug use, which have increased shareholders’ apprehensions.