Musk: Will significantly reduce political spending and serve as the CEO of Tesla for another five years

Elon Musk, the CEO of the US electric vehicle company Tesla, said that he will continue to serve as the CEO of Tesla for the next five years, easing the concerns of some investors that he would not be able to focus on running Tesla.

Musk, 53, attended the Qatar Economic Forum held in Doha remotely on Tuesday (May 20th). A judge in the Delaware Court of Equity twice ruled that the huge compensation package Tesla awarded Musk in 2018 was invalid. Musk criticized the judge's ruling, but he didn't think the controversy would affect his decision to remain in office.

Musk said, "This salary is in line with extraordinary achievements." I believe that no matter what decision a radical who claims to be a judge makes in Delaware, it will not affect the future salary arrangement.

Bloomberg quoted Musk as saying that he would significantly reduce political spending in the future, a statement that could deal a blow to Trump and the Republican Party in the 2026 midterm elections. When asked why he changed his approach, Musk responded, "I think I've done enough."

Musk has served as the CEO of Tesla since 2008 and is one of the longest-serving ceos among the world's major automakers.

After Musk made the above remarks, Tesla's stock price rose by more than 3.6% at one point and then slightly declined. Since the beginning of this year, the stock has declined by 15% cumulatively.