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Elon Musk Threatens To Split Tesla If He Does Not Get 25% Of The Company. Without AI And Robotics, Tesla Would Lose Value. Find Out How This Will Impact The Future Of Tesla Before The Vote On June 13.
Elon Musk has been threatening to break Tesla for some time. The mass layoffs, followed by the re-hiring of some of the team, and his bet on self-driving robotaxis are some of the most recent examples. Many saw these actions as a threat to secure 25% of the voting rights in Tesla.
Recently, in a post on X (formerly Twitter), he confirmed what can be seen as a threat to Tesla shareholders: give me 25% of the company or there will be no artificial intelligence and robotics products in the company.
Without Artificial Intelligence And Robotics, Tesla Is Worth Nothing
He noted that, in his eyes, the company will be worth nothing without these two business areas. Artificial intelligence is, for example, essential for level 4 and 5 autonomous driving of cars. Although Tesla’s FSD Autopilot (a level 2 autonomous driving similar to what nearly all manufacturers propose) is considered by the U.S. highway safety agency, the NHTSA, to be a very imperfect system that has already caused fatal accidents. In any case, this ultimatum may have huge implications for the future of Tesla.
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According to the latest official filing with the U.S. Securities and Exchange Commission in 2023, Elon Musk owned 13% of the voting rights in Tesla and about 23% of the shares. His stake in the company has been decreasing compared to his beginnings due to the purchase of Twitter. In 2022, he sold Tesla shares worth 23 billion dollars.
Elon Musk’s Ultimatum
For Musk to obtain 25% of the voting control, he would need to receive a stock package worth around 60 billion dollars, as noted by Electrek.
Musk assures that he does not want more money, just the voting rights, but dual-class voting shares are not really possible since the company is already listed on the stock exchange. One way for Musk to gain more control is for the shareholder board to approve his “compensation package,” or his salary, agreed upon in 2018 and valued at 46 billion dollars.
Elon Musk’s ultimatum has put Tesla at a crossroads. The vote on these proposals will occur before Tesla’s annual general shareholder meeting, which will be held on June 13. The outcome of this meeting will have a significant impact on Tesla’s strategic direction and Musk’s leadership of the company.
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