Elon Musk Seeks Greater Control Over Tesla As AI Endeavors Multiply: 'Enough To Be Influential…Not So Much That I Can't Be Overturned'
Portfolio Pulse from Ananya Gairola
Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), expressed his desire for increased voting control, up to 25%, to lead the company's AI and robotics initiatives. He suggested he might develop AI products outside Tesla if not granted this control. Musk's comments come as Tesla's stock has declined, erasing over $94 billion in market cap. Tesla is investing in the Optimus robot and Dojo supercomputer, with the latter expected to add $500 billion to Tesla's value. Musk's compensation has been a topic of debate, with his last options package confirmed in early 2023.
January 16, 2024 | 5:00 am
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Elon Musk's quest for greater control at Tesla and his willingness to pursue AI projects externally could create uncertainty among investors, potentially affecting Tesla's stock price in the short term.
Musk's statements about seeking more control and the possibility of developing AI products outside of Tesla could lead to investor concerns about the company's direction and governance, which may negatively impact the stock price in the short term. Additionally, the recent decline in Tesla's stock and the ongoing Delaware compensation case add to the uncertainty.
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