- Tesla and SpaceX CEO Elon Musk is angling for 25% of voting control over Tesla. He currently owns about 13% of the company’s stock.
- “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control,” Musk wrote in a post on Monday.
- Shareholders previously sued Musk and Tesla in Delaware alleging that Musk’s earlier, 2018 pay package was excessive, and the board authorizing it amounted to a breach of fiduciary duty.
Tesla and SpaceX CEO Elon Musk, who also owns the social network X (formerly known as Twitter), said Monday that he wants about 25% of voting control over his electric vehicle business.
Musk already owns around 13% of Tesla, or approximately 411 million shares of the company’s 3.19 billion shares in common stock outstanding, as reported in the company’s last financial filing for the third quarter of 2023.
That’s a large stake, especially considering that Musk sold tens of billions of dollars worth of his shares in Tesla in 2022, largely to finance a $44 billion leveraged buyout of Twitter.
Read more at: https://www.cnbc.com
Curated by Arun