Thanks Van.
Yeah its not good.Sort of a veiled threat almost.Face palm as usual.
Down 3 or 4 % as you mentioned.
Elon Musk says he wants more control over Tesla. ‘Far from ideal,’ says analyst.
Last Updated: Jan. 16, 2024 at 7:03 a.m. ETFirst Published: Jan. 16, 2024 at 5:57 a.m. ET
B
The world’s richest person said he doesn’t have enough control over the company where he’s chief executive and the leading shareholder.
Elon Musk said he doesn’t want to grow Tesla’s
TSLA, -3.67% artificial intelligence and robotics capability without having control of a quarter of the company. Musk already owns 13% of the automaker. On the social media service X that he owns, Musk said he would need 25% control.
“If I have 25%, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me,” he said. “At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy.”
“Unless that is the case, I would prefer to build products outside of Tesla,” said Musk, who according to the Bloomberg Billionaires index has a total net worth of $206 billion, about $25 billion ahead of Jeff Bezos. Musk founded a different company, xAI, which contains his ChatGPT rival Grok.