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Tesla (NASDAQ:TSLA) announced Friday that it has received multiple shareholder proposals regarding its potential investment in CEO Elon Musk’s artificial intelligence startup, xAI. The proposals follow Musk’s confirmation earlier in July that while a merger between Tesla and xAI is not planned, a shareholder vote on the investment will be held.
The discussions come amid a surge in funding for xAI this year. According to Morgan Stanley, the AI company recently secured $5 billion in debt financing and an additional $5 billion in strategic equity investment. xAI has been expanding aggressively, including its $33 billion acquisition of social media platform X in March to enhance chatbot training capabilities and the integration of its Grok AI chatbot into Tesla vehicles.
Tesla’s potential stake in xAI reflects Musk’s broader strategy to integrate his companies, aligning AI advancements with electric vehicle technology. However, the automaker continues to face headwinds, including slowing demand for EVs amid Musk’s political controversies, which have contributed to a 22% decline in Tesla’s stock price this year.
The proposals will be reviewed ahead of Tesla’s annual shareholder meeting scheduled for November 6. In line with SEC regulations, Tesla stated that only one proposal per topic will be included in the proxy statement. The board has set July 31 as the deadline for shareholders to submit proposals for consideration.
Investors are closely watching Tesla’s move into AI as competition intensifies in the electric vehicle and autonomous driving markets. A successful partnership with xAI could position Tesla to leverage cutting-edge AI models for its vehicles, potentially boosting long-term innovation and competitiveness.
