The controversial mogul also says he will cut back on his political spending
- Tesla’s boss also wants to increase his stake in the electric automaker to 25%.
- Musk aims to gain enough control of the brand to prevent being easily ousted.
- Some company board members reportedly began searching for a new CEO.
Elon Musk seems to have no plans of stepping down from Tesla anytime soon, despite the growing grumbles from shareholders who aren’t thrilled about his other ventures, especially when meddling in global politics. To solidify his grip on the company, he’s also eyeing a bigger slice of Tesla’s pie, aiming to raise his stake to around 25%, just to make sure no investors can force him out.
While speaking over video during the Qatar Economic Forum in Doha this week, Musk said he has “no doubt” he will remain CEO for at least the next five years, unless he dies in that time. A little grim, but we get the point.
Read: Elon Musk’s Latest Investor Power Play Just Made Suing Tesla Nearly Impossible
This news may upset some who were concerned Musk was getting distracted and was no longer fully committed to Tesla, but there’s no denying the fact Musk has led Tesla through a rapid expansion that transformed them from a fringe player into one of the world’s largest car manufacturers by volume, and the single most valuable by market cap.
It was recently reported that Tesla board members started to reach out to executive search firms to see if they could find a new CEO. It’s understood that board members had grown concerned Musk was spending too much time in Washington alongside President Trump. However, both Tesla and Musk later denied these assertions.
As reported by the Wall Street Journal, Musk isn’t going anywhere. He currently owns a 12.77% stake in Tesla that currently is worth more than $140 billion, but during a separate interview this week, he said he’d like to increase this to around 25%. He believes this will give him enough control to ensure he cannot be ousted by activist investors.
“It’s not a money thing,” Musk said. “It’s a reasonable control thing over the future of the company. That’s the number I’d feel comfortable at, because that’s where I have some control, but not so much control that I can’t be thrown out, [unless] I’m destroying the value of the company or if I’ve just gone flat-out crazy.”
It seems as though some of the blowback for his involvement in US politics has also gotten to Musk. He spent almost $300 million last year to help President Trump return to the Oval Office, but has confirmed he will “do a lot less” political spending in the future. “If I see a reason to do political spending in the future, I will do it,” he added, but said, “I do not currently see a reason.”
