Tesla in turmoil? Elon Musk admits he could be ousted, slams claims of loan ties to stock
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Tesla CEO Elon Musk has recently revealed his nightmares of losing control over the electric car giant, with fears that activist shareholders might topple him from the helm, as per a report. Musk, who holds around 12.8% ownership stakes at Tesla, has expressed that his share may not be sufficient to ensure his dominance, even as a major player behind the company's revolutionary breakthroughs, as per a Benzinga report.
Tesla CEO Elon Musk Voices Fears Over Losing Control to Activist Shareholders
He had posted on the social media platform X to describe how having about 25% of Tesla shares would enable him with sufficient influence to direct the direction of the company while there was still the potential that he would be replaced, as per the report. The fine balance demonstrates Musk's understanding of the intricate shareholder relationship and his continued struggle to hold on without intruding too much.
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Legal Battles Highlight Limits of Musk's Control
Musk's discomfort is linked to recent legal disputes, when a Delaware court overturned a ginormous compensation package pegged to Tesla's growth objectives, a ruling that highlighted the boundaries of Musk's control despite of shareholder backing, according to Benzinga.
Musk Denies Loan Rumors Against Tesla Stock
The CEO also insisted he has no personal loans secured against his Tesla shares, rebuffing speculation that attempted to question his finances, as per the report. Musk wrote an X post on Friday, explaining that he has no personal loans against Tesla stock and reiterated his anxieties about being ousted by 'activist shareholders," as reported by Benzinga. Musk even expressed optimism that these concerns would be addressed at the forthcoming shareholders' meeting, according to the report.
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Potential to Increase Voting Power with Additional Shares
With the possibility of buying another 304 million shares, Musk would boost his voting shares by approximately 4% after taxes, as reported by Benzinga. Nonetheless, he is concerned about activist investors who may not have his vision in mind for the EV maker's future, according to the report.
Will Elon Musk Resign From Tesla?
There are also speculations that the Tesla CEO might even resign if his ownership stake is curtailed due to the limitations imposed on his pay package, as reported by Benzinga.
However, a majority of shareholders who had endorsed Musk's pay package continue to support his leadership of Tesla's operations, as reported by Benzinga.
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Why Musk's Fears Matter for Tesla's Future
The tech billionaire's concerns highlight the potential power dynamics at play within Tesla's shareholder base and his potential loss of control could significantly impact the company's strategic direction due to his instrumental role in shaping, according to the Benzinga report.
FAQs
Why is Elon Musk worried about losing control of Tesla?
He fears activist shareholders might gain enough power to push him out, despite his current stake, as per the Benzinga report.
How much of Tesla does Musk own right now?
Musk owns about 12.8% of Tesla shares, as per the Benzinga report.
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