Elon Musk has claimed a turnaround in Tesla sales after a slump even as Starlink, the internet service provider that he owns, is growing.
Elon Musk has said he is committed to staying on as Tesla’s CEO for at least another five years, weeks after the electric vehicle maker’s chair dismissed reports that the board had approached executive search firms about finding his successor.
Having reasonable control of Tesla was the most important factor in staying on as head of the company, Musk said on Tuesday at an economic forum in Qatar.
“Yes, no doubt about that at all,” Musk said in response to a question on whether he planned to stick around as Tesla CEO.
Earlier this month, Tesla chair Robyn Denholm denied a Wall Street Journal report that said board members had reached out to several executive search firms to find a replacement for Musk.
Musk, who spoke by video at the event in Qatar, said that Tesla had already turned around sales and demand was strong in regions apart from Europe, where the company has faced protests over his political views.
Tesla sales have also slumped in the United States, where there was a nine percent drop in the first three months of 2025, according to the research firm Cox Automotive. That was largely driven by Musk’s political involvement, including leading the US Department of Government Efficiency, which made significant cuts across the federal workforce. As a result, protests ensued and boycotts of Musk-connected businesses unfolded.
Tesla reported a 13 percent drop in first-quarter deliveries. The Tesla chief has said there has been a turnaround.
“We’re now back over a trillion dollars in market cap, so clearly, the market is aware of the situation, so it’s already turned around,” Musk said.
Tesla currently has a market capitalization of $1.08 trillion.
Musk also referred to Chancellor Kathaleen St Jude McCormick, a Delaware judge who stopped a $56bn pay package for Musk, as an “activist who is cosplaying a judge in a Halloween costume”.
Yet he acknowledged his Tesla pay was a part of his consideration about staying with the carmaker, though he also wanted “sufficient voting control” so he “cannot be ousted by activist investors”.
“It’s not a money thing, it’s a reasonable control thing over the future of the company, especially if we’re building millions, potentially billions of humanoid robots,” he added.
This comes as the billionaire said he will spend “a lot less” in political contributions, after pumping $270m into Donald Trump’s successful 2024 US presidential bid.
“In terms of political spending, I’m going to do a lot less in the future,” Musk said, adding that he does not “currently see a reason” to do more.
As of 11am Eastern time (15:00 GMT) Tesla’s stock was up 1.13 percent higher than when the market opened. The stock is down 15 percent for the year.
Starlink grows
Musk also weighed in on the future of the internet service provider Starlink, which he operates. He said that the company might go public at some point in the future, but that there was no rush.
Starlink has expanded rapidly worldwide to operate in more than 70 countries, with a strong focus on further growth in emerging markets such as India.
South Africa’s government plans to offer a workaround of local Black ownership laws to allow Starlink to operate in the country, according to the news agency Bloomberg, which cited three people familiar with the discussions.
The offer would come at a “last-minute” meeting planned for Tuesday night between South African officials and Musk or his representatives, Bloomberg said. South Africa’s President Cyril Ramaphosa and a delegation of government officials arrived in Washington on Monday in a bid to reset strained ties with the US.