Elon Musk says he wants more control over Tesla. ‘Far from ideal,’ says analyst.

“If I have 25%, it means I am influential, but can be overridden if twice as many shareholders vote against me vs for me,” he said. “At 15% or lower, the for/against ratio to override me makes a takeover by dubious interests too easy.”

“Unless that is the case, I would prefer to build products outside of Tesla,” said Musk, who according to the Bloomberg Billionaires index has a total net worth of $206 billion, about $25 billion ahead of Jeff Bezos. Musk founded a different company, xAI, which contains his ChatGPT rival Grok.

In another post, he said the Tesla board, which includes his brother Kimbal, is “great,” and that it’s holding off on a new compensation plan until a verdict is made in the Delaware compensation case.

Musk said he would be “fine” with a dual-class voting structure but was told it is “impossible” to achieve after going public.

Tesla shares have slumped 12% this year and dropped 25% since mid-July, but are up 79% over the last 52 weeks.

Tesla stock fell about 2% in premarket action, to $215.21.

Dan Ives, the influential tech analyst at Wedbush, said Musk’s comments won’t be warmly received by investors.

“The Street views Tesla correctly (in our view) as a disruptive tech leader and if Musk ultimately went down the path to create his own company (separate from Tesla) for his next generation AI projects this would clearly be a big negative for the Tesla story,” he said.

“We also believe Musk having a back and forth about such an important issue over X is far from ideal for the investment community around Tesla and creates a distraction and likely some selling pressure this morning.”

Ives kept his outperform rating and $350 price target as he said he thinks the board and Musk will resolve the issues over the next three to six months.