Musk Reiterates Demand For More Control Of Tesla Saying It’s To Safeguard Against AI Tech Going ‘Awry’

Topline

Tesla CEO Elon Musk Wednesday repeated his need for higher control over the business’s ballot rights– to make it possible for the business to pursue innovative AI and robotics innovation– in a post on his social networks platform X, hours after the business’s fourth-quarter revenues report for 2023 missed out on expert price quotes and triggered shares to drop almost 6% in after-hours trading.

Elon Musk of RPA participates in the Conference European Jewish Association at DoubleTree by Hilton in … [+] Krakow.

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Secret Facts

Musk shared a clip of Tesla’s fourth-quarter revenues call that happened previously Wednesday, indicating his issues about developing innovative AI tech within Tesla without more control, stating: “Money does not matter if effective innovation goes awry.”

In the incomes callthe Tesla CEO stated he saw a “course to developing an expert system and robotics juggernaut of really enormous ability and power” at the business.

Musk stated such a relocation would worry him if he had “so little impact” over Tesla that he might “be decided out by some sort of investor advisory company,” firmly insisting that this was not about managing this expected juggernaut.

Musk stated the business has actually dealt with a great deal of issues with “Institutional Shareholder Services … I call them ISIS, and Glass Lewis” and activist financiers that “infiltrate those companies” and have “weird concepts.”

The Tesla CEO stated he’s open to a dual-class share structure to allow his need for control of 25% of Tesla’s ballot power, including that it’s not so big that “if I go bonkers … they can’t toss me out.”

Vital Quote

“I’m not searching for extra economics. I simply wish to be an efficient steward of really effective innovation,” Musk stated in the call.

Huge Number

13%. That is the quantity of Tesla stock presently owned by Elon Musk, omitting choices. The number increases to 22% when choices are included.

Secret Background

Recently, Musk made a series of posts on X stating he was “uneasy growing Tesla to be a leader in AI & & robotics” without having around 25% of the ballot power in the business. The billionaire stated he would “choose to develop items” beyond Tesla if his need was not fulfilled. Musk argued that 15% or lower ballot power suggests “a takeover by suspicious interests [is] too simple.”