Tesla (TSLA) down following Elon Musk's AI ownership comments

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.

By Michael Elkins | [email protected]

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