Musk commits to five more years as Tesla CEO

Elon Musk has affirmed his commitment to remain Tesla's CEO for at least the next five years. 

His comment comes weeks after reports of the board seeking his successor were dismissed by Tesla chair Robyn Denholm.

Musk stated at an economic forum in Qatar that having reasonable control of Tesla is the most crucial factor in his decision to stay. He unequivocally responded "Yes, no doubt about that at all" when asked about his plans to continue as CEO.

Earlier this month, Tesla chair Robyn Denholm refuted a Wall Street Journal report alleging that board members had contacted executive search firms to find a replacement for Musk.

Speaking via video at the event on May 20, Musk claimed that Tesla's sales have rebounded and demand is strong in most regions, with the exception of Europe, where the company has faced backlash due to his political views.

This comes despite a reported 9% drop in Tesla sales in the United States during the first three months of 2025, largely attributed to Musk's political involvement, including his leadership of the US Department of Government Efficiency and subsequent federal workforce cuts, which led to protests and boycotts of his affiliated businesses.

Tesla also reported a 13% drop in first-quarter deliveries.

"We’re now back over a trillion dollars in market cap, so clearly, the market is aware of the situation, so it’s already turned around," Musk said, with Tesla's current market capitalization at $1.08 trillion.

Musk also controversially referred to Chancellor Kathaleen St Jude McCormick, the Delaware judge who blocked his $56 billion pay package, as an "activist who is cosplaying a judge in a Halloween costume." 

He acknowledged that his Tesla pay was a consideration in his decision to stay, but emphasized his desire for "sufficient voting control" to prevent being "ousted by activist investors."

"It’s not a money thing, it’s a reasonable control thing over the future of the company, especially if we’re building millions, potentially billions of humanoid robots,” he added.

This announcement follows Musk's statement that he will significantly reduce his political contributions after investing $270 million in Donald Trump's successful 2024 US presidential campaign. "In terms of political spending, I’m going to do a lot less in the future," Musk said, adding that he does not "currently see a reason" to contribute more.

As of 11 AM Eastern time, Tesla's stock was up 1.13% higher than its market open, though it remains down 15% for the year.