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Tesla CEO Elon Musk returned to the spotlight after confirming that he would remain at the helm of the company for at least the next five years, devoting “much less time” to political campaigns in the future. This announcement is pivotal for Tesla, which faces financial challenges and intense media scrutiny. Musk defended his role at the helm of the Department of Government Efficiency (DOGE), saying he did “what had to be done” and has no regrets about his decisions.
Markets, which had feared the billionaire’s possible departure from the company’s leadership, reacted with relief following his announcement at the Qatar Economic Forum.
He’ll remain in charge until 2030, unless he dies. Speaking via video call at the Qatar Economic Forum, Musk said Tesla would be his priority for the next five years. He acknowledged that, while his political involvement has been controversial, he wants to focus on managing and securing the company’s future. When pressed by the moderator to confirm his commitment to Tesla, Musk joked, “Yes. Let me see if I’m dead.”
The CEO also took the opportunity to dismiss rumors about his potential replacement. Despite speculation, Musk told attendees he has no intention of stepping down as Tesla’s CEO.
Musk is facing challenges at Tesla. The company’s economic situation has been particularly fragile in the first half of 2025, worsened by Musk’s political role at DOGE, a reputational crisis, falling global sales, and the need to update its best-selling model, the Model Y.
In the first quarter of 2025, the company reported a 71% drop in net profit, leaving it at $409 million. Revenue from car sales also fell 20% compared to the same period the previous year, reaching $13.967 billion. Europe was the hardest-hit region, with the brand recording its lowest sales figures in two years.
In an attempt to ease concerns about the company’s situation, Musk assured investors that the sales downturn “has already turned around,” though he acknowledged that Europe remains Tesla’s weakest region. “We’re strong everywhere else. So, sales are... doing well at this point,” Musk said.
He wants to reduce his political visibility. During his speech, Musk announced that he would significantly cut his spending on political campaigns and events, stepping away from the political spotlight to focus on managing his companies. He said the move aims to reassure investors and improve Tesla’s image after months of controversy, during which the company became a target of political interests. However, Musk questioned the reputational damage his political activities may have caused.
Investors reacted positively. News of Musk’s renewed focus on solving Tesla’s problems signaled stability for the manufacturer.
Tesla shares rallied by up to 3.6% following the announcement, breaking out of the general bearish market trend. However, the share price later fell along with the broader market. Still, shareholders welcomed Musk’s message of stability and commitment. Tesla shares remain down 14% from their record high in December 2024.
Image | Gage Skidmore
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