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Elon Musk reportedly sold billions of dollars worth of Tesla shares in recent years to pay off his tax bills before acquiring the X social networking platform at a stratospheric valuation. Those equity liquidations are finally coming back to haunt him.
Elon Musk Demands At Least 25% Ownership Of Tesla Through New Compensation Package
In response to an X post questioning the need for a new compensation plan for Tesla's CEO, Elon Musk struck a bombshell by stating that he was uncomfortable working at Tesla with his present voting power. Keep in mind that the mega-billionaire controls around 13% of the EV business, which equates to almost 412 million shares, as per WCCFTech.
Elon Musk went on to say that he had enough voting power at Tesla to be "influential" but not enough to prevent getting "overturned" on occasion. The ultra-billionaire then threw down the gauntlet, threatening to "build products outside of Tesla" if the EV giant's board did not agree to his terms.
Keep in mind that Tesla faced a trial in Delaware in 2022, during which certain shareholders claimed that Elon Musk's 2018 remuneration plan should be declared invalid by the court since it was the outcome of sham discussions and dictated by Musk himself. While the trial has been completed, a verdict in this case has yet to be issued.
Elon Musk's Diminished Voting Power and Shifting Focus in Tesla Amidst Evolving EV Market Dynamics
In a recent X post, Elon Musk stated that with less than 15% of Tesla's vote rights, overriding him is "too easy." Of course, today's fireworks occur as the usually effervescent buzz surrounding Tesla appears to have lost some of its luster.
According to Gary Black, a well-known Tesla bull, Elon Musk's vision of millions of connected robotaxis is unlikely to be achieved anytime soon. Instead, attention has shifted to Tesla's Autopilot ADAS's "supervised FSD" feature.
Meanwhile, as the EV industry cools, hybrid and ICE vehicles are poised to reclaim some of their lost market share.
