(Bloomberg/Kurt Wagner) — Tesla Inc. shareholders will vote in November to decide if the electric carmaker should invest in Elon Musk’s closely held artificial intelligence startup, xAI.
The planned vote, which was part of a shareholder proposal disclosed Friday in Tesla’s annual proxy statement, could further entwine Musk’s business empire. XAI, which Musk started in early 2023, already merged with his social networking company X in March. SpaceX, Musk’s private rocket business, also invested $2 billion into xAI earlier this year.
The board made no recommendation on whether shareholders should vote for or against the proposal.
Musk has previously voiced support for a potential Tesla investment in xAI, posting in July that, “If it was up to me, Tesla would have invested in xAI long ago.” But he has also said that he believes the final decision should come from Tesla shareholders.
XAI has raised billions of dollars in funding already this year, and is spending aggressively on data centers and specialized computer chips in an effort to catch up to rivals like OpenAI and Alphabet Inc.’s Google. As of July, xAI was burning through $1 billion a month, Bloomberg News reported. Musk called the report “nonsense.” The company operates a chatbot called Grok that has been folded into the X social network and also Tesla’s vehicles.
Tesla’s shareholder vote is schedule for Nov. 6.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Related Posts:
- Tesla shareholders to vote on xAI investment in November News (Bloomberg/Kurt Wagner) — Tesla Inc. shareholders will vote in November to decide if the electric carmaker should invest in Elon Musk’s closely held artificial intelligence startup, xAI. The planned vote, which was part of a shareholder proposal disclosed Friday in Tesla’s annual proxy statement, could further entwine Musk’s business empire.…
- Antioch’s First Congregational Church bell to be unveiled in November News ANTIOCH – For the Zamora family, the sound of the 700-pound First Congregational Church bell in Antioch isn’t just a piece of history, it was a part of their childhood. Roxanne Zamora-Solak remembers her weekend mornings when she and her siblings would arrive at the church early to “ride the…
- Antioch’s First Congregational Church bell to be unveiled in November News ANTIOCH – For the Zamora family, the sound of the 700-pound First Congregational Church bell in Antioch isn’t just a piece of history, it was a part of their childhood. Roxanne Zamora-Solak remembers her weekend mornings when she and her siblings would arrive at the church early to “ride the…
- Us Weekly: King Charles possibly wants to meet Prince Harry in November? Entertainment For months, it’s been widely known/assumed that Prince Harry would travel to the UK around this time. We only got the confirmation from WellChild (and Harry himself) last week, but for the past three years, Harry has always made a point of being in or around London at this time…
- BlackRock, Following Trump “Anti-Woke” Investment Trend, Suffers $17 Billion Asset Withdrawal News American finance giant BlackRock Inc., an early industry leader in ESG investing under the leadership of risk and responsibility evangelist Larry Fink, saw a $17 billion redemption from PFZW, the giant Dutch pension fund that manages nearly $300 billion, during the first half of 2025. The redemption — essentially a…
(Visited 1 times, 1 visits today)