Elon Musk Seeks 25% Voting Power to Gain More Control of Tesla

Tesla CEO Elon Musk is seeking more control over the company by requesting 25% voting power. Musk stated that he is uncomfortable growing Tesla to be a leader in artificial intelligence and robotics without having ~25% voting control. He wants to be influential but not so much that he can’t be overturned. Musk also noted that Tesla’s board of directors is waiting to establish a new compensation plan for him until the Tornetta case is decided in the Delaware chancery court.

Musk’s request for more control over Tesla comes after he largely financed a $44 billion leveraged buyout of Twitter. He wants to grow Tesla as a leader in AI and robotics, but he needs more voting power to do so. Musk stated that unless he has the voting power he needs, he would prefer to build products outside of Tesla. He wants to be influential but not so much that he can’t be overturned.

Tesla’s board of directors is waiting to establish a new compensation plan for Musk until the Tornetta case is decided in the Delaware chancery court. Musk wrote that the reason for no new “compensation plan” is that they are still waiting for a decision in his Delaware compensation case. The trial for that was held in 2022, but a verdict has yet to be made.

Elon Musk is a billionaire entrepreneur and CEO of Tesla, SpaceX, Neuralink, and The Boring Company. He is known for his ambitious goals and innovative ideas. Musk’s request for more control over Tesla is not surprising given his track record of pushing boundaries and taking risks. It remains to be seen how Tesla’s board of directors will respond to Musk’s request for more voting power.