TSLA: Tesla Stock Gains as Elon Musk Vows to Bet Less on Politics, Focus on Business

Billionaire CEO spoke at a Qatar conference, saying he planned to still be the Tesla boss five years from now. Shares were the only bright spot in the Big Tech realm.

🚗 Breaking Away from Mag 7 Slump

• Tesla stock TSLA bucked the broader Big Tech, Mag 7 slump on Tuesday, as CEO Elon Musk told a global audience he’s stepping back from political spending to refocus on the business. Speaking via video at the Qatar Economic Forum, Musk said he plans to reduce his involvement in US politics — at least for now, at least financially.
• “In terms of political spending, I’m going to do a lot less in the future,” Musk said. “I think I’ve done enough.”
• Estimates show that the billionaire-turned-unelected-politician spent as much as $300 million backing President Trump’s 2024 campaign, emerging as one of the biggest individual political contributors of the cycle. But right now, Musk says he sees “no reason” to continue funding political efforts unless something changes.

📣 Musk Seeks More Control of Tesla

• In addition to dialing down his political bets, Musk made it clear he’s sticking with Tesla — and doesn’t plan on leaving anytime soon. Asked if he’d still be Tesla CEO in five years, he answered simply, “Yes,” before adding, “Well, I might die.”
• In characteristic fashion, Musk added a dose of nuance to his long-term commitment: he wants voting control to avoid being kicked out by activist shareholders. Later on Tuesday in a CNBC interview, Musk said he’s aiming to increase his stake in Tesla to 25%, up from the 12.77% he currently holds — a position worth over $140 billion.
• “That’s the number I’d feel comfortable at, because that’s where I have some control, but not so much control that I can’t be thrown out,” Musk explained. “If I’m destroying the value of the company or if I’ve just gone flat-out crazy,” he added, “they could still remove me.”

🤫 Wall Street’s Nod of Approval

• Shares of the EV maker rose during a session that saw most of the tech sector in the red. Investors appeared to appreciate Musk’s recommitment to Tesla’s future and his hint at stepping away from politics — a topic that’s drawn controversy and criticism from some shareholders and the broader public.
• Less drama and more deliveries? Sounds like a plan, maybe. Especially when looking ahead to the planned robotaxi launch. Musk confirmed that the Cybercab rollout remains on track for June.