Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has committed to leading the electric vehicle maker for the next five years while scaling back his political spending during an interview at Bloomberg’s Qatar Economic Forum 2025 in Doha.
Musk said that his decision is driven by the desire to maintain "sufficient voting control" over the company's future rather than financial incentives.
"It's not about the money. It's about having reasonable control over the company's future,” Musk said.
The CEO’s comments come following investor concerns about his focus on Tesla amid his other companies, including SpaceX and xAI, and his role in the Trump administration leading the Department of Government Efficiency.
Musk also said he plans to significantly reduce his political spending in the upcoming midterm elections, stating: "I think I've done enough.”
"In terms of political spending, I'm gonna do a lot less in the future. I think I've done enough,” Musk added.
Shares of Tesla moved higher following Musk’s comments, up 1.9% at about $348.
The stock is down more than 13% in the year-to-date due to concerns about Musk’s involvement with the Trump administration and disappointing first quarter vehicle deliveries, which saw automotive revenue fall 20%.