Tesla down following Elon Musk's AI ownership comments
Investing.com | Author Michael Elkins
Published Jan 16, 2024 08:13AM ET
Tesla (TSLA) down in pre-market trading following Elon Musk’s AI comments on X
Tesla (NASDAQ:TSLA) CEO Elon Musk revealed on social media platform X (formerly Twitter) that the multi-billionaire is “uncomfortable” with the idea of expanding the automaker's role in artificial intelligence and robotics without first securing a minimum of 25% of voting control of the company, a stake nearly double his current ownership.
In his post on X on Monday, Musk stated that unless he obtains a significant stake in Tesla, "enough to be influential, but not so much that I can't be overturned”, he would opt to develop products outside the of the company.
Musk currently holds approximately 13% of Tesla's stock, having divested billions of dollars in shares in 2022, a move partly aimed at financing his $44 billion acquisition of Twitter.
In another post on X, he expressed openness to a dual-class share structure to attain his objective of securing 25% voting control. However, he was informed that such a structure was deemed impossible following Tesla's initial public offering.
Tesla's shares fell about 2% in premarket trading on Tuesday, following Musk's comments.
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