Elon Musk is worried that he could be removed in order to seize power at Tesla, so the billionaire wants twice as many shares of the company
At 13% it's pretty easy
Tesla CEO Elon Musk has said he wouldn't be comfortable transforming the automaker into a leader in artificial intelligence and robotics without owning at least a 25% stake in the company, nearly double its current level.
According to him, this will be enough to have enough influence and so that he will not be overthrown from his place as leader. Otherwise, Musk will prefer to create products outside of Tesla.
If I have 25%, that means I have influence, but I can be outflanked if twice as many shareholders vote against me as for me. At 15% or lower, the odds to remove me make it too easy for unsavory interests to seize power. To achieve this goal, I would be happy with a voting structure in which some shareholders have more votes (dual-class structure), but I was told that this would not be possible after the Delaware IPO.
Elon Musk
Musk now has about 13% of Tesla after selling billions of dollars worth of shares in 2022 to finance his $44 billion purchase of Twitter.
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