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Investing.com-- Elon Musk said Tesla (NASDAQ:TSLA) will hold a shareholder vote on whether the electric car maker will invest in his artificial intelligence start-up xAI, with Musk stating that the decision was not up to him.
“It’s not up to me. If it were up to me, Tesla would have invested in xAI long ago,” Musk said in a social media post responding to a question on such a scenario.
“We will have a shareholder vote on the matter.”
Musk’s comments come just hours after the Wall Street Journal reported that his space technology venture, SpaceX, committed $2 billion to xAI from a recent $5 billion fundraising. SpaceX is privately owned by Musk.
The Tesla CEO has deepened the ties between his private ventures in recent years, having merged social media platform X with xAI. The AI start-up’s flagship Grok AI is also being considered for integration into Tesla cars and the Optimus robot, and is being used in Starlink support, recent reports showed.
But Musk’s various ventures, coupled with his recently announced plans to launch a political party, have raised some concerns among Tesla shareholders that he is not dedicating enough of his time to the EV maker.
Tesla is grappling with a prolonged decline in sales, in part due to public ire over Musk’s political actions.