Yahoo Finance

Key Takeaways

• Elon Musk said in an interview Tuesday that he plans to continue working as CEO of Tesla for the next five years.

• Earlier this month, The Wall Street Journal reported Tesla's board had contacted a search firm about potentially finding Musk's replacement, but the company and Musk denied the report.

• Musk said gaining "sufficient voting control such that I cannot be ousted by activist investors" is more important to him than his pay package.

Tesla (TSLA) CEO Elon Musk said in an interview Tuesday that he remains committed to being CEO of the electric vehicle maker for at least the next five years.

During an interview at the Qatar Economic Forum, Musk also said that he expects a pay package that has been approved by shareholders but was struck down by a Delaware judge multiple times will be restored in the future, and that gaining "sufficient voting control such that I cannot be ousted by activist investors is what matters to me."

Musk said that he is currently spending about one to two days per week on his work with the Trump administration's cost-cutting efforts, a promise the CEO made during Tesla's latest earnings call last month, as he said he would spend more time with the EV maker.

Earlier this month, The Wall Street Journal reported that Tesla's board had contacted a search firm about potentially finding Musk's replacement, but the company and Musk pushed back after the report was published.

Musk also said in Tuesday's interview that he expects to spend "a lot less" to support political candidates in the future, after his efforts to get President Trump elected in November.

Tesla shares were up close to 2% in recent trading. Still, they've lost about 14% since the start of the year.

Read the original article on Investopedia