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Elon Musk wants you to know he's not going anywhere. In a remote appearance at the Qatar Economic Forum, the Tesla (NASDAQ:TSLA) CEO said he plans to lead the company for at least another five years a much-needed dose of reassurance for shareholders rattled by sliding sales and courtroom drama around his scrapped $56 billion pay package. Musk also made it clear: this isn't about the money. It's a reasonable control thing, he said, pushing back on the idea that his push for more Tesla shares is rooted in wealth accumulation.
On the business front, Musk downplayed Tesla's recent stumbles, claiming the company's downturn has already turned around. While sales remain weak in Europe, he argued other regions are holding strong and doesn't expect any meaningful shortfall. Investors seemed to like the optimism Tesla shares popped 2.4% at 12.38pm. That bounce offers a breather after the stock shed 14% this year amid concerns about EV demand, pricing pressure, and leadership distractions.
Musk also addressed the elephant in the room: his politics. He admitted past political spending may have hurt Tesla's appeal on the left, but claimed it gained support elsewhere. Looking ahead, Musk said he plans to spend a lot less on politics, signaling a shift back toward focus and execution. His parting message? If I see a reason to do political spending in the future, I will do it. I do not currently see a reason. Investors may be hoping it stays that way.
This article first appeared on GuruFocus.