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Elon Musk said Tuesday he is committed to staying on as Tesla (TSLA, Financials) CEO for at least another five years, addressing investor concerns about leadership continuity.
Tesla shares rose as much as 3.3% on the comments before settling to a 1% gain. The stock is down 15% so far in 2025.
Musks remarks came during an economic forum in Qatar, where he said maintaining reasonable control of the electric vehicle maker is the key reason for his continued tenure.
His comments follow reports that Teslas board had approached search firms about finding his replacement. Chair Robyn Denholm denied those claims earlier this month.
Musk said Teslas sales had rebounded outside Europe, where protests over his political activity have weighed on demand.
Tesla reported a 13% drop in first-quarter deliveries as buyers waited for cheaper versions of its redesigned Model Y crossover, its top-selling vehicle.
Musk also said Starlink, SpaceXs satellite internet unit, could go public in the future but that there is no rush for an IPO. Starlink currently operates in more than 70 countries, with a push into emerging markets such as India.
On artificial intelligence, Musk said U.S. regulation is needed but warned against overregulation. His AI startup, xAI, is building a large-scale data center cluster named Colossus in Memphis, Tennessee, to support training of more advanced models.
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This article first appeared on GuruFocus.