Tesla's shareholder meeting will be held in November to vote on whether to invest in Musk's AI startup xAI

According to the Zhitong Finance APP, Tesla (TSLA.US) will hold a shareholder meeting on November 6. One of the voting items will involve a proposal on whether the company's board of directors is authorized to invest in the artificial intelligence company xAI.

It is reported that in a filing submitted to the U.S. Securities and Exchange Commission (SEC), Tesla emphasized that the company is transforming into a leading artificial intelligence, robotics, and energy enterprise, with a mission to promote technological development that benefits humanity and advance sustainable energy.

As an artificial intelligence startup under Tesla CEO Elon Musk, xAI focuses on building AI to accelerate human scientific discoveries. Its developed AI assistant Grok has already been integrated into Tesla vehicles to enhance user experience, vehicle functionality, and autonomous driving capabilities.

Tesla pointed out to shareholders that the synergy between Tesla and xAI is evident, as both companies are committed to advancing technology that benefits humanity. At the same time, xAI's expertise in artificial intelligence will complement Tesla's advancements in autonomous driving, robotics, and energy optimization.

Tesla stated: "Tesla's strategic investment in artificial intelligence is crucial for maintaining its competitive advantage in the rapidly evolving AI and robotics industry. A direct investment in xAI will strengthen Tesla's access to cutting-edge AI technology, talent, and intellectual property." "The mission of xAI aligns with Tesla's, creating opportunities for collaborative innovation in areas such as vehicle AI, energy grid optimization, and humanoid robots, potentially enhancing Tesla's product portfolio and market leadership."

In summary, Tesla believes that investing in xAI will allow it to hold a stake in an important AI company, with the potential for substantial financial returns while promoting technological advancements beneficial to customers and shareholders.

It is worth mentioning that in July of this year, there were reports that Musk's other private company, SpaceX, plans to invest $2 billion in xAI as part of the latter's new $5 billion funding round, marking SpaceX's first investment in xAI. Following this news, some netizens on social media platform X commented, "Tesla should invest in xAI; otherwise, it would be unfair to retail investors." Musk replied, "That's not up to me. If it were my decision, Tesla would have invested in xAI long ago." However, Musk made it clear that "we will hold a shareholder vote on this matter."

Tesla's investment in xAI signifies a large-scale resource integration for Musk's companies, which will help Tesla acquire more AI resources to some extent. However, for some Tesla shareholders, this may also be seen as another instance of Musk's "misuse of public resources."

Tesla is a publicly traded company, and Musk is merely one of the shareholders. Tesla shareholders have long complained about Musk, as he has repeatedly used Tesla's resources to "subsidize" xAI and the social media platform X, such as transferring the priority purchase rights for NVIDIA H100 GPUs to xAI and X, thereby sidelining Tesla's own autonomous driving system research. Additionally, there have been reports that Musk has repeatedly poached talent from Tesla to send to his private companies These actions have sparked widespread dissatisfaction within Tesla and have led to increasing distrust among some shareholders regarding Musk's commitment to managing Tesla