2024-01-18 06:04:01
Musk’s new approach to AI has hit Tesla hard (ANGELA WEISS via Getty Images)
Tesla CEO Elon Musk said that if the company can fully realize its AI ambitions, he will personally need to gain greater control over Tesla.
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“If I can’t hold about 25% of Tesla shares to have control, I have no confidence that the company can become a leader in AI and robotics. This is a large enough influence, but my decision can still be overturned. “.” On Monday night, Musk wrote on his X account, “If I can’t achieve this controlling stake, I would rather make these products outside of Tesla.”
Musk went on to say that large asset custodians like Fidelity and BlackRock own shares of Tesla similar to his, and asked, “Why don’t they come to work?”
Putting aside the strange comparisons Musk made, Tesla does have ambitious goals in AI, one of which is using its Dojo supercomputer to train AI models that support its Fully Self-Driving (FSD) software.
Wall Street analysts believe that Tesla’s AI and supercomputer products may achieve similar success to Amazon’s AWS cloud services, which may become Tesla’s huge source of non-automotive revenue.
Musk once held a large stake in Tesla, but he sold a large portion to fund his widely criticized acquisition of Twitter (now X) in 2022, diluting his Tesla holdings from around 22% To 13%. Wall Street initially reacted negatively to Musk’s tweet, with the stock falling more than 2% early Tuesday, but quickly recovered and closed steady.
Tesla has lost nearly $100 billion in market value since the beginning of this year, and Musk’s demands for more shares through salary and changes in AI direction have made investors want to wait and see.
Wedbush analyst Dan Ives wrote in a note to investors: “It’s no secret that all AI projects, from Dojo to Optimus, FSD, to various robot taxis and other robot developments, remain internal to Tesla. , which is also the key to our optimism.”
“(In our view) Wall Street currently views Tesla as a disruptive technology leader, and it would be a good bet for Tesla if Musk ultimately goes down the path of creating a new company (separate from Tesla) for the next generation of AI projects. A big blow.”
Ives noted that litigation over Musk’s previous compensation is ongoing in court and that a new compensation package for Musk may be put on hold. The shareholder plaintiffs argued that Musk’s previous compensation package was too high and a waste of company resources.
The other big problem with Musk’s demand for more shares is that he’s demanding more control over the company (essentially higher pay) when the CEO is supposed to have the best interests of shareholders in mind. Give him negative impressions and opinions.
Tesla’s board has also been criticized in the past for being too lenient with Musk and for having too many seats on it held by Musk supporters, including his brother Kimbal Musk and others who have co-invested in Musk’s other ventures, such as SpaceX.
Musk argued that he would agree not to be paid more if it gave him more control through a dual-voting structure, but acknowledged that changing the structure of Tesla’s stock classes was a consideration given the Delaware corporate law that governs Tesla. It’s impossible.
Other prominent figures on Wall Street said Musk’s idea was inappropriate.
“That’s not how corporate governance works,” Third Point founder and activist hedge fund manager Dan Loeb said in response to Musk on X.
（Translated from Yahoo Finance）
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