Tesla nasdaq Tsla Shares Rise Amidst Musk's Push for Greater Voting Control

Tesla (NASDAQ: TSLA) Shares Rise Amidst Musk’s Push for Greater Voting Control

Tesla (NASDAQ: TSLA) stock experienced a modest increase on Tuesday, recovering from previous losses, as CEO Elon Musk made an important announcement on the social media platform X (fkaTwitter).

Elon Musk revealed his intention to acquire more TSLA shares and voting power, asserting the necessity to position the electric vehicle giant as a leader in artificial intelligence (AI) and robotics.

Musk posted on the social media platform on Monday to express his discomfort, stating that he’s uneasy about growing Tesla to be a leader in AI and robotics without having around 25% voting control. He emphasized the desire to have enough shares to be influential, but not to the extent that he can’t be overturned. Musk mentioned that he would prefer to develop products outside of Tesla unless this condition is met.

Elon Musk currently holds an almost 13% stake in Tesla. Before selling Tesla (NASDAQ: TSLA) shares to acquire Twitter, now X, for $44 billion in late 2022, Musk had an ownership stake of around 22% in Tesla.

Musk has consistently emphasized that Tesla is not solely an electric vehicle (EV) company but rather an AI and robotics operation that incidentally produces cars. Bullish analysts place significant importance on Tesla’s AI and self-driving technology when evaluating the value of Tesla stock.

Musk’s remarks on X came shortly after he shared a video featuring Optimus folding a shirt, with a person remotely controlling the Tesla humanoid robot.

Tesla stock closed the trade at $219.91, marking a 0.47% increase compared to its closing price on January 12.

On Tuesday, Wedbush analyst Dan Ives, a longtime Tesla supporter, expressed that it would be a “big negative for the Tesla story” if Musk established a separate company dedicated to next-generation AI projects.