Musk Pledges Five Years at Tesla, Vows to Cut Political Spending

Elon Musk confirmed he will remain CEO of Tesla for at least the next five years during a virtual appearance at the Qatar Economic Forum in Doha. His statement comes weeks after a Wall Street Journal report suggested Tesla’s board had contacted executive search firms about finding his successor.

“It is not a money thing. It is a reasonable control thing over the future of the company,” said Musk. He added that having “sufficient voting control” is essential to prevent activist investors from forcing him out.

Tesla shares rose about 1% following Musk’s comments but remain down around 15% year to date. The company is facing headwinds, including a 13% drop in first-quarter deliveries and ongoing protests, especially in Europe. “Europe is our weakest market. Tesla is strong in the rest of the world,” he said.

Musk attributed the recent volatility in Tesla’s performance partly to political backlash stemming from his alliance with US President Donald Trump and his financial support for Republican candidates during the 2024 elections. 

“I did what had to be done,” he said, describing the political involvement as a necessary move. He noted that this decision has led to “massive violence” against his companies, including acts of vandalism and threats. 

He also said he now plans to significantly reduce his political spending. “I plan to spend a lot less on political campaigns in the future,” he stated. After reportedly investing over US$290 million in political donations during the last election cycle.

Despite ongoing controversy, Musk reiterated his long-term commitment to Tesla. “I see myself as Tesla’s CEO for the next five years, unless I die,” he said.