Elon Musk likes to try his luck when it comes to what he can get Tesla shareholders Just weeks after he got approval for a $56 billion pay package, he appears to be asking them to indirectly bail out investors in his social media company, X (Twitter, baby).
Technically, the rescue including xAI And Xstill dealing with the consequences of Musk’s ill-advised $44 billion takeover of the company nearly two years ago. Matters were further complicated when Musk announced that X would own 25 percent of the artificial intelligence company. In an effort to combine xAI and Tesla at Tesla Q2 Earnings Call on July 23Musk said the automaker has “learned quite a bit” from xAI (the sixth company Musk owns), according to Bloomberg. He then appeared to vaguely mention that the company was progressing. Tesla driver assistance features and help build a new data center.
Here’s more about what musk has talked about intertwining xAI and Tesla, from Bloomberg:
“In terms of investing in xAI, I think we need to have shareholder approval for any investment like that,” Musk said. “But I would certainly support it, if the shareholders support it.”
Immediately after the call ended, Musk created a poll on X and came up with a big number.
“Should Tesla invest $5 billion in @xAI, assuming a valuation is set by some credible outside investor?” he asked. In parentheses, he wrote that board approval and shareholder vote are required, so the probe is “just to explore the situation.”
I don’t know, man. Maybe that $5 billion could be better spent at Tesla. They could use it to secure Cybertruck doesn’t break down all the timeor they can update it old car lineupor they may even work on that $25,000 car. There are so many possibilities!
This isn’t the first time Musk has tried to use one of his companies to save another he cares about, as Bloomberg explain:
Remember, Musk sold billions of dollars worth of Tesla stock that year to help fund his Twitter purchase, sending the automaker’s stock plummeting. Also remember that Musk has saved one company in his orbit at the expense of another before—Tesla bought SolarCity in 2016, a move even the CEO later regretted. And don’t forget that one of the reasons Tesla gave Musk to be eligible for $55.8 billion in stock options was to encourage him to focus on the car company.
In many ways, Musk’s empire is self-destructing — even beyond his day-to-day interests. xAI is apparently hiring a lot of Tesla employees and The AI chip that was sent to Tesla was sent to xAI instead.
