- Elon Musk, Tesla CEO, seeks 25% voting control for AI leadership, open to dual-class structure despite challenges post-Tesla IPO.
- In Q4, Tesla achieved record EV deliveries and succeeded in full-self driving. However, it fell short of China’s BYD in total EVs handed over.
- Silicon Valley races for versatile humanoid robots; Elon Musk’s Optimus can fold T-shirts, walk, talk, and boil eggs, priced under $20,000.
Tesla’s visionary CEO Elon Musk is aiming for 25% voting control post-Tesla IPO, pushing AI leadership and versatile humanoid robots, like Optimus under $20,000.
Musk’s quest for Tesla’s 25% voting control
Elon Musk said he would be unsatisfied growing the firm to be a leader in AI and robotics without having at least 25% voting control of the world’s most valuable carmaker, nearly double his current stake 13%, which is “enough to be influential but not so much that I can’t be overturned,” said Musk.
Musk, the world’s richest person with a net worth of $206 billion, claimed that he will be fine with a dual-class share structure within the company as long as his goal of getting 25% voting control can be obtained. Nevertheless, it was reported impossible post Tesla’s IPO.
Companies with dual-class structures have two or more types of shares with different voting rights – usually one with greater voting rights for founders or early investors and another for other shareholders with less voting power.
Rising giant BYD: New challenge
The 52-year-old has long touted Tesla’s partially automated “full-self driving” software and its prototype humanoid robots. However, the Austin-based automaker generates most of its revenue from its automotive business.
In Q4 last year, the carmaker achieved a record high by delivering 484,507 EVs, breaking market expectations and meeting its 2023 target as a year-end sales push paid off. Despite its vehicles delivered beating the market estimates, Tesla fell short of the EVs China’s BYD handed over.
Also read: China’s BYD overtakes Tesla in quarterly sales: a new EV era?
Affordable humanoid approaching
With Silicon Valley’s companies racing to promise their consumers a versatile humanoid robot to help with daily tasks, Musk didn’t specify what AI-powered products he aims to produce. But the billionaire showed off a robot named Optimus which, per a video he posted to X, can fold a T-shirt.
Musk has said that Optimus – which can also reportedly walk, talk and boil eggs – will cost “much less than $20,000” when it’s released at a later, undisclosed date.
Is there really that much to expect? Let’s stay tuned.
