Elon Musk to be ousted from Tesla? CEO scared he might be voted out
Elon Musk, Tesla’s CEO, has expressed concerns about the potential of being removed from his position at the company due to his relatively small stake of approximately 12 per cent.
During an earnings call, Musk mentioned the influence of shareholder advisory firms like Glass Lewis and Institutional Shareholder Services, jokingly referring to them as “ISIS” due to their unconventional ideas.
Musk highlighted the possibility of increasing his stake to at least 25 per cent by exploring options such as creating a dual class of shares, similar to Meta Platforms.
This revelation follows Musk’s recent appeal to Tesla’s board for a significant stock award and his sale of nearly $40 billion in Tesla stock to cover taxes and fund his acquisition of the social media platform Twitter, renamed X.
During the earnings call, Musk shifted the discussion toward Tesla’s potential in artificial intelligence (AI) and robotics, expressing his commitment to these fields. He stated that without a minimum 25 per cent stake in Tesla, he would explore AI and robotics development elsewhere.
While Musk discusses future opportunities, the impact of concerns about potential leadership removal on Tesla’s trajectory and the electric vehicle industry remains to be seen.
It’s worth noting that Elon Musk is involved in various ventures, including owning and running companies such as Tesla, SpaceX, The Boring Company, and Neuralink, in addition to his acquisition of the social media platform X for $44 billion.
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