🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Tesla down in pre-market trading following Elon Musk’s AI comments on X

Published 17/01/2024, 12:18 am
© Reuters.
TSLA
-

Tesla (NASDAQ:TSLA) CEO Elon Musk revealed on social media platform X (formerly twitter) that the multi-billionaire is “uncomfortable” with the idea of expanding the automaker's role in artificial intelligence and robotics without first securing a minimum of 25% of voting control of the company, a stake nearly double his current ownership.

In his post on X on Monday, Musk stated that unless he obtains a significant stake in Tesla, "enough to be influential, but not so much that I can't be overturned”, he would opt to develop products outside the of the company.

Musk currently holds approximately 13% of Tesla's stock, having divested billions of dollars in shares in 2022, a move partly aimed at financing his $44 billion acquisition of Twitter.

In another post on X, he expressed openness to a dual-class share structure to attain his objective of securing 25% voting control. However, he was informed that such a structure was deemed impossible following Tesla's initial public offering.

Tesla's shares fell about 2% in premarket trading on Tuesday, following Musk's comments.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.