Elon Musk dealing with massive investor dissatisfaction at Tesla, wants to own 25% before building AI

In a recent statement, Elon Musk revealed his inclination to develop artificial intelligence (AI) products outside the realm of Tesla Inc if he fails to secure a substantial 25 per cent voting control.The tech mogul, currently holding a stake exceeding 12 per cent in the electric vehicle giant, expressed his perspective on Tesla's structure, likening it to a conglomerate of a dozen startups.Drawing comparisons with General Motors Corp., a traditional leader in the global auto industry, Musk urged a closer examination of Tesla's position.As the largest individual shareholder in Tesla, Musk refrained from delving into further details about his considerations.The world's wealthiest individual is facing shareholder discontent on various fronts, ranging from concerns about Tesla's succession planning to allegations of diversion due to his involvement with X, the platform previously known as Twitter, which he assumed control of in 2022."I am uncomfortable with the idea of expanding Tesla's role as a leader in AI & robotics without securing approximately 25 per cent voting control," Musk conveyed via a post on X. "Enough influence to make a meaningful impact, but not to the extent where my decisions cannot be challenged."In other news, Tesla, after a stellar 2023 where its shares more than doubled, is facing a rocky start to 2024, marking its worst beginning to any year in its history. The electric vehicle (EV) manufacturer has witnessed a staggering loss of over $94 billion in market valuation within the first two weeks of the year, as per a report by the South China Morning Post.Several negative developments, including a reversal on EVs by car rental giant Hertz Global Holdings, continuous price reductions for its China-made cars, and indications of escalating labour costs, have contributed to this decline.The challenges come against the backdrop of a slowdown in the growth of EV demand, particularly in the United States. Furthermore, the ongoing fiasco at the Red Sea is also causing major trouble for Tesla’s shipping channels.(With inputs from agencies)