Summary: Elon Musk expressed his unease about not having 25% voting control at Tesla, stating that he would prefer to develop products outside of the company if this condition is not met. Musk currently holds a 13.4% stake in Tesla, after selling shares to acquire X for $44 billion. He believes that having 25% voting control would make him influential but still open to being overturned by other shareholders. Musk emphasized that Tesla is not just one startup but a collection of multiple ventures, highlighting the significant differences between Tesla and other companies like GM.
Despite being a major stakeholder, Musk stated that stock ownership alone is not sufficient motivation for involvement in the company’s operations. He pointed out that other stakeholders, such as Fidelity, own similar stakes to him but do not actively participate in day-to-day work. Musk praised the Tesla board and noted that with 25% voting control, he would have influence but also be susceptible to being overridden if more shareholders vote against him.
Musk expressed concerns about maintaining a level of control that safeguards against takeovers by “dubious interests.” He believes that a for/against ratio that is too favorable for those seeking to override his decisions, especially at a 15% or lower voting control, would leave Tesla vulnerable to such takeovers.
While Musk’s desire for greater voting control reflects his ambitions for Tesla’s future in AI and robotics, he emphasized that he prefers to build products outside of the company unless his conditions regarding control are met. This highlights the importance he places on having influence and the ability to shape the direction of Tesla’s growth.
The source of the article is from the blog agogs.sk