Musk says Tesla ‘doing well’ after slump; promises less political spending in future

Tesla CEO Elon Musk on Tuesday announced he will remain at the helm of the electric vehicle giant for at least the next five years, brushing off criticism over his political involvement with US President Donald Trump and insisting that Tesla’s sales and market position have rebounded sharply.“We’re strong everywhere else. So sales are… doing well at this point,” Musk said during a video appearance at the 2025 Qatar Economic Forum hosted by Bloomberg. “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.”The remarks come after months of consumer backlash and investor unease coupled with violent protests targeting Tesla dealerships, following Musk’s prominent role in Trump’s federal workforce reduction effort, part of what the administration calls the “Department of Government Efficiency.” The political alignment led to a drop in Tesla sales and stock price earlier this year, sparking debate over Musk’s dual identity as a tech entrepreneur and political influencer.Meanwhile, amid recent past struggles of Tesla, Musk also indicated he would scale back his political donations in the future after contributing $270 million to Trump’s successful 2024 re-election campaign. “In terms of political spending, I’m going to do a lot less in the future,” he said. “I don’t currently see a reason” to continue at that level.Musk appeared defiant when asked whether the controversy had affected his commitment to Tesla.A moderator asked, “Do you see yourself and are you committed to still being the chief executive of Tesla in five years’ time?” to which Musk rreplied with an assertive “Yes”On further pressing about ‘any doubts’, Musk added with a chuckle, “I can’t be still here if I’m dead.”However, Musk’s tone turned more serious when asked if the political fallout made him question his involvement in government affairs. “I did what needed to be done,” he said. “I’m not someone who has ever committed violence and yet massive violence was committed against my companies, massive violence was threatened against me.”He followed with a pointed statement, “Don’t worry: We’re coming for you.”The billionaire also addressed the recent court ruling in Delaware that froze his Tesla compensation package- once valued at $56 billion. He lashed out at Chancellor Kathaleen St. Jude McCormick, who issued the ruling, calling her “an activist who is cosplaying a judge in a Halloween costume”, reported AP.Musk acknowledged that the blocked pay package plays into his long-term considerations about his role at Tesla, though he emphasized that his primary concern is maintaining control, not money.“It’s not a money thing, it’s a reasonable control thing over the future of the company,” he said, “especially if we’re building millions, potentially billions of humanoid robots.” He added that he wants “sufficient voting control” to ensure he “cannot be ousted by activist investors.”