Musk expresses determination: At least five more years as Tesla CEO, unless "he dies," he won't spend big on interfering in elections

Elon Musk insists on continuing to lead Tesla for the next few years while also stating that he will "let go" and not engage in politics as he did in the past during the U.S. elections.

Tesla investors can breathe a sigh of relief, but former President Trump and the Republican Party will lose a major "financial backer."

Continuing to Steer Tesla for at Least Five Years

On Tuesday, May 20th, Eastern Time, during a remote participation in the Qatar Economic Forum, Musk stated that he plans to continue serving as Tesla's CEO for at least the next five years, unless "I die," and will not give up leadership of Tesla. "Yes, there is no doubt about it."

Musk emphasized that his desire to maintain control over Tesla is not motivated by financial considerations:

"It's not about money; it's about reasonable control over the company's future."

Musk criticized the Delaware judges who twice rejected his massive compensation plan in 2018 and reiterated that he hopes to own more Tesla shares to maintain sufficient voting control and prevent being ousted by activist investors.

Commentators believe Musk's statements come at a crucial time, as investors are increasingly concerned about his lack of commitment to Tesla, especially after he led Trump's Department of Government Efficiency (DOGE) this year.

After Musk's remarks, Tesla's stock price rose at the opening of the U.S. market on Tuesday, reaching $354.57, a new intraday high since February 27, with an intraday increase of over 3.6%, indicating that investors welcome Musk's commitment to continue leading the company. Early in the session, Tesla gave back some of its gains, rising less than 2%.

Downplaying Tesla's Sales Challenges

Last year, Tesla recorded its first annual decline in car sales in over a decade, and earlier this year, it faced double-digit sales drops in several European countries. However, Musk insisted on Tuesday that Tesla has "turned the tide."

When questioned about the continued decline in Tesla's sales in the major electric vehicle market in Europe, he acknowledged that Europe is the company's weakest sales region but claimed strong performance in other areas. He said:

"Currently, our sales situation is good. We do not expect a significant sales shortfall."

This optimistic statement sharply contrasts with market realities, as Tesla's stock price has fallen about 15% since the beginning of the year as of Monday's close, reflecting investors' concerns about the company's increasing global competition.

Political Enthusiasm "Cooling" Will Significantly Reduce Political Spending

Musk stated on Tuesday that he will "significantly reduce" future political spending. When asked about the reason, he simply replied:

"I think I've done enough."

He further stated, "If I see a reason to make political contributions in the future, I will do so. But at the moment, I don't think there is a reason."

Commentators believe this shift could be a heavy blow to Trump and the Republican Party, as they likely counted on Musk's generosity in their fundraising plans for the 2026 midterm elections. Media reports indicate that historically, the party of the sitting U.S. president almost always loses seats in the House of Representatives during midterm elections, with market predictions giving Trump's party only a one in five chance of maintaining control after 2026During last year's U.S. election, Elon Musk donated approximately $250 million to various political groups, becoming the largest single donor in U.S. election history. Most of his funds were used to support Trump.

Denying Damage to Tesla's Image: Some Violent Protesters Should Be Jailed

After Trump took office, as Musk's status within the Republican Party rose, several Tesla showrooms and company charging stations were attacked. Musk stated on Tuesday that he indeed views the protests against him as personal attacks, especially those involving hanging effigies and death threats: "It's okay to oppose political positions, but resorting to violence, hanging effigies, and death threats is unacceptable."

In response to critics who claim his political activities have harmed the Tesla brand, Musk argued that while the company has lost some left-leaning consumers, it has also gained right-leaning ones.

Musk harshly criticized the "massive violence" against Tesla by protesters, believing that some of them should be jailed. He said:

"They are on the wrong side of history, and that is an evil act. Action must be taken against them, and some of them will go to prison; they deserve it."

Starlink May Go Public

In addition to Tesla, Musk also runs SpaceX and owns the social media platform X and the neurotechnology startup Neuralink. On Tuesday, Musk hinted that his satellite internet service "Starlink" may go public in the future: "Starlink may become an independent public company in the future."

This news could spark investor interest in new growth points for Musk's business empire, especially as Tesla faces competitive pressures.

Overall, Musk's statements seem aimed at reassuring Tesla investors who are concerned about his distractions while also possibly marking a shift towards a more cautious stance in the political arena