• Business - Companies
  • Updated: May 21, 2024

Elon Musk demands 25 percent ownership of Tesla, threatens to halt AI and robotics development

Elon Musk demands 25 percent ownership of Tesla, threatens t

American businessman and investor, Elon Musk is demanding 25% ownership of Tesla and has also threatened to halt artificial intelligence, AI,  and robotics development for the company.

Musk made the demand in a recent post shared on his official X handle, which appears to confirm and even clarify what can be seen as a threat to Tesla shareholders.

Recall that Musk had asserted in the past that Tesla is a robotics and AI company on multiple occasions. The billionaire businessman also declared that without self-driving, its primary AI product, Tesla is essentially nothing.

In a recent post on X, Musk appears to confirm his previous threat while agreeing to three conditions that would prevent him from diverting AI and robotics projects away from Tesla:

The post confirmed by Musk reads; ‘‘If Elon gets 25% voting power, Tesla is reincorporated in Texas, and compensation package is approved, then AI & Robotics stay within Tesla and the company can march forward to become the largest company in the world.’’

Musk's proposal comes at a crucial time for Tesla, as the EV manufacturer is finally under pricing pressure and its stock is experiencing considerable volatility. The company's profits have also dropped by 55% as a result of increased competition.

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