June 24, 2024
Tesla CEO Elon Musk Pushes for 25% Voting Stake to Shape AI Future

Elon Musk Seeks Enhanced Voting Control in Tesla for AI Influence

Elon Musk, the billionaire tech mogul, is seeking a compensation package that would grant him increased voting control at Tesla, with a focus on shaping the company’s role in the artificial intelligence (AI) domain. Musk conveyed his intentions on X (formerly Twitter), emphasizing that his primary concern is exerting influence on the direction of AI development rather than a mere desire for additional financial gain.

In his own words, “If I have 25%, it means I am influential, but it can be overridden if twice as many shareholders vote against me as for me. At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy.”

In 2022, shareholders filed a lawsuit against Musk regarding his $56-billion compensation package from 2018, which was recognized as the largest CEO pay package in history. Musk is open to discussions about his next compensation package, but talks with the board are currently on hold pending the resolution of the 2022 court case. Musk now aims to secure a stake representing 25% of voting power, expressing that without this, he would prefer to focus on developing products outside of Tesla.

Although Musk previously held up to 22% of the company, he currently possesses around 13% after selling shares in 2022. Tesla is actively involved in the development of various AI-related products, including Dojo (an AI supercomputer), the Autopilot and Full Self-Driving software suites, and Optimus (an early-stage robotics project).

Musk’s other ventures, X and Neuralink, are also engaged in AI-related endeavors. X recently introduced its large language model to compete with platforms like ChatGPT, while Neuralink has developed proprietary robotics for automated surgery applications. The progress of Tesla’s AI initiatives remains unclear, as neither Autopilot nor Full Self Driving have been approved for autonomous vehicle operations according to their most recent updates, both being classified as driver assistance software. The current status of Optimus suggests a focus on engineering rather than advanced artificial intelligence.

Image by pixabay

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