Musk: "Will Lead Tesla for the Next 5 Years... Will Reduce Political Donations"

"Have Donated Enough Politically, Currently See No Reason to Contribute"

"Tesla Has Recovered to Some Extent, Except in the European Market"

Elon Musk, CEO of Tesla, has promised to lead Tesla for the next five years. He also announced that he would significantly reduce political donations in the future.

According to Bloomberg and CNBC on the 20th (local time), Musk made these remarks at Bloomberg's Qatar Economic Forum held in Abu Dhabi. This comes as some investors have questioned Musk's focus on Tesla.

Musk has led the so-called Department of Government Efficiency (DOGE) as a key advisor to President Trump. As a result, Tesla's stock price once plummeted by more than 40% compared to the beginning of the year. After Musk stated in last month's earnings announcement that he would reduce government activities and focus on Tesla, the stock price rebounded. Tesla's stock price rose by 0.7% on this day.

He also mentioned that "Tesla has already recovered," adding that while the weakest market is Europe, demand in all other regions is strong.

Meanwhile, he said that his internet service, Starlink, might go public someday, but there is no rush.

Starlink is rapidly expanding globally, operating in over 70 countries, and focusing on additional growth in emerging markets like India.

Musk criticized the Delaware court judge who ruled against the massive salary the company paid him twice in 2018, but said this issue is unlikely to affect his decision to remain with Tesla. He expressed a desire to maintain control over the company as Tesla's CEO and said he wants to secure 'enough voting rights to avoid being ousted by activist investors.'

As Musk intensified his political support activities for Trump and the Republican Party, the backlash developed into boycotts and attacks on Tesla showrooms and vehicles. When asked if he takes the backlash against his political activities personally, Musk replied, 'Yes.'

Meanwhile, he indicated a change in attitude as a major supporter of President Trump by announcing plans to significantly reduce political donations in upcoming elections.

Musk spent over $250 million to support Trump's second term. When asked why he would not make further political donations, he said, "I've done enough," adding, "Currently, I don't see a reason (to donate)." CNBC noted that Musk's remarks are likely to come as an unpleasant surprise to Republicans running for re-election in 2026.

Guest Reporter Kim Jung-ah kja@hankyung.com