Topline
Elon Musk on Tuesday said he’s committed to being Tesla’s chief executive for the next five years and suggested he would cut down on his political spending, following earlier reports—shot down by Musk—suggesting Tesla’s board launched a search to replace him.
Earlier reports suggested Tesla’s board was searching for a successor to Musk, who shot down the … More
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Key Facts
Musk, who spoke Tuesday over video at the Qatar Economic Forum, responded to a question about whether he would be Tesla’s CEO in five years: “Yes, no doubt about that at all.”
Musk said he wants to hold his position at Tesla to have “sufficient voting control” at the company so he cannot be removed by activist investors, adding, “It’s not a money thing, it’s a reasonable control thing over the future of the company.”
His response follows a report from the Wall Street Journal earlier this month, which claimed Tesla’s board members had reached out to recruitment firms in search of Musk’s successor as investors were “irritated” with Musk’s time in Washington, D.C., though Musk accused the outlet of publishing a “DELIBERATELY FALSE ARTICLE.”
Robyn Denholm, chair of Tesla’s board of directors, also dismissed the report as “absolutely false” and said the Journal was notified of this before its story was published.
Tesla’s shares increased in value by nearly 3% to about $351 Tuesday afternoon, following a 2% dip Monday, as the automaker’s stock is down nearly 9% on the year.
Tangent
Musk, who donated more than $200 million in support of President Donald Trump’s campaign, suggested he would spend “do a lot less” on future political donations. “I think I’ve done enough,” Musk said, later noting, “If I see a reason to do political spending in the future, I will do it. I don’t currently see a reason.”
What To Watch For
Musk said he would move forward with his lawsuit against OpenAI, claiming he created the company’s name and provided its first $50 million in funding. The Tesla CEO revived a lawsuit against the AI firm in August 2024, claiming OpenAI CEO Sam Altman and co-founder Greg Brockman breached the company’s founding contract by developing AI for “personal profits.” OpenAI has denied Musk’s claims, arguing the company’s mission is to ensure AI “benefits all of humanity” and that Musk initially understood launching a for-profit entity was necessary.
Key Background
Reports surrounding Musk’s future at Tesla follow concerns from some analysts over his role in the Trump administration. Wedbush analyst Dan Ives wrote in March that Musk dedicating “110%” of his time as head of the Department of Government Efficiency has “essentially turned Tesla into a political symbol,” as widespread protests and vandalism were carried out at Tesla showrooms in the U.S. and abroad. “Musk needs to change course here,” Ives wrote, adding Musk needs to “take a step back“ from DOGE as “Tesla’s future depends on it.” Following the release of Tesla’s first-quarter earnings report last month, Musk told investors he would be “allocating far more of my time to Tesla” in May, though he did not commit to exiting his government role and noted he would “continue to spend a day or two per week on government matters for as long as the president would like me to do so.”
Further Reading