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.
Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/05/20/elon-musk-says-hell-remain-tesla-ceo-for-next-5-years-and-do-a-lot-less-political-spending/
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Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2025/05/20/elon-musk-says-hell-remain-tesla-ceo-for-next-5-years-and-do-a-lot-less-political-spending/
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NewsTranscript
00:00On Tuesday, Elon Musk said he's committed to being Tesla's chief executive for the next five years following early reports shot down by Musk, suggesting Tesla's board launched a search to replace him.
00:11Speaking at the Qatar Economic Forum via video, Elon Musk stated his intention to remain Tesla's CEO for the next five years in order to maintain, quote, sufficient voting control and prevent removal by activist investors, emphasizing that his motivation is control over the company's future, not financial gain.
00:30Tesla shares increased in value by more than one percent to just below three hundred and forty seven dollars a share Tuesday morning, following a two percent dip Monday, as the automaker stock is down nearly nine percent on the year.
00:43His 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.
00:56Musk accused the outlet of publishing a, quote, deliberately false article.
01:02Robin Denholm, chair of Tesla's board of directors, also dismissed the report as, quote, absolutely false and said the journal was notified of this before its story was published.
01:12Concerns arose over Elon Musk's dual role leading Tesla and the Department of Government Efficiency after analysts noted his divided attention and Tesla faced protests and vandalism, prompting questions about his future as CEO.
01:26Musk, who donated more than $200 million in support of President Donald Trump's campaign, suggested he would spend, quote, a lot less on future political donations.
01:36Quote, I think I've done enough, Musk said.
01:40For more on this story, check out Ty Roosh's article linked in the description.