Billionaire Elon Musk has confirmed that he will continue to lead Tesla for at least the next 5 years, unless he dies.
Tesla boss wants to increase his stake in the electric car maker to 25% – Photo: Carscoops
During a virtual chat at the Qatar Economic Forum in Doha this week, Tesla CEO Elon Musk bluntly stated that he will continue to lead the company for at least the next five years, unless “something unfortunate happens.”
The statement was a resounding rebuke to shareholders’ concerns that he was distracted by other projects, especially his involvement in global politics.
Although controversial, there is no denying that Elon Musk has led Tesla through a period of explosive growth, taking the company from a little-known name to one of the world’s largest automakers by production and with the highest market capitalization .
The latest Tesla Model Y electric SUV brings many improvements to its design and driving feel. Meanwhile, the high-performance electric sedan Tesla Model S Plaid has just been spotted at the Nurburgring with some minor design changes – Photo: Naver, Carscoops
It was previously reported that Tesla board members had begun contacting executive search firms to look for a new CEO, reportedly due to concerns about Elon Musk spending too much time in Washington with President Donald Trump.
However, both Tesla and Musk later denied these reports. The Wall Street Journal also reported that Musk would not leave Tesla.
Mr Musk currently owns 12.77% of Tesla, worth more than $140 billion. However, in another interview this week, he expressed a desire to increase that stake to about 25%. The Tesla CEO believes this will give him enough control to avoid being ousted by investors .
“It’s not about money, it’s about having reasonable control over the future of the company. That’s the number I’m comfortable with. At that level I have some control, but not so much that I can’t be fired if I destroy the value of the company or I completely lose my mind,” Elon Musk said.
Musk’s involvement in American politics appears to have come at a cost, too. Last year, he spent nearly $300 million supporting former President Trump. However, he has confirmed that he will “significantly reduce” his political spending in the future.
“If I see a reason to spend on politics in the future, I will. But right now I don’t see a reason,” Mr. Musk said.