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'Not a Money Thing': Elon Musk Says He Is Committing to 5 More Years as Tesla's CEO. Here's Why.

Key Points

  • Elon Musk has committed to remain Tesla's CEO for the next five years to maintain sufficient voting control and ward off activist investors.
  • He emphasized that his decision is "not a money thing" but a "reasonable control thing" over the company's future.
  • Tesla experienced a 13% sales decline in Q1—the largest quarterly drop in its history—while net profits plunged 71% and revenue fell 9% year-over-year.
  • Musk remains the richest person in the world with a net worth of $376 billion, per the Bloomberg Billionaire Index.
  • Interested in Record? Here are five stocks we like better.

Elon Musk's new five-year plan has him staying at Tesla.

In an interview at Bloomberg's Qatar Economic Forum on Tuesday, Tesla's CEO said that he is committed to staying at the electric vehicle maker for years to come.

Related: A Tesla Executive Received a Record Pay Package, and It's Not Elon Musk

When asked if he will still be leading the company in five years, he said: "Yes, no doubt about that at all."

CNBC reports that Musk wants to keep his position as Tesla's CEO to maintain "sufficient voting control" over the company to avoid activist investors.

"It's not a money thing," Musk said. "It's a reasonable control thing over the future of the company."

Related: With Tesla Down 71% in Net Income, Elon Musk Says He'll Spend Less Time at DOGE

Tesla's sales have dropped 13% in the first three months of this year, marking the largest quarterly drop in Tesla's history. Net profits have plunged by 71%. The EV maker's revenue also fell 9% year-over-year.

Musk is currently the richest person in the world, with a net worth of $376 billion at press time, per the Bloomberg Billionaire Index.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Record (REC)N/AGBX 55-0.4%9.09%0.54N/AN/A
Tesla (TSLA)
4.3337 of 5 stars
$343.82+0.5%N/A168.54Hold$289.43
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