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ELON MUSK COMMITS TO TESLA CEO ROLE FOR FIVE YEARS, PLANS TO CURB POLITICAL SPENDING
AppleMagazine
|May 23, 2025
Elon Musk, Tesla's CEO, announced at the Qatar Economic Forum that he intends to remain at the helm of the electric vehicle maker for at least the next five years while significantly reducing his political spending.
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The statement comes after Musk's substantial financial involvement in the 2024 U.S. presidential election, where he spent at least $250 million to support Donald Trump and other Republican candidates.
For Tesla investors, employees, and political observers, Musk's remarks signal a shift in focus toward stabilizing the company amid a challenging first quarter and his new role co-leading the U.S. Department of Government Efficiency (DOGE).
Musk's decision to scale back political donations, which he described as doing "a lot less" moving forward, reflects a belief that he has "done enough" after a high-profile campaign season.
MUSK'S FIVE-YEAR COMMITMENT TO TESLA Musk confirmed his intention to lead Tesla as CEO for the next five years, addressing concerns about his ability to balance the role with his new responsibilities co-leading DOGE alongside Vivek Ramaswamy. He stated he currently spends one to two days per week on DOGE, a Trump administration initiative aimed at cutting federal spending, indicating that Tesla remains his primary focus.
This commitment follows Tesla's first-quarter 2025 profit drop, with net income falling 48% to $1.1 billion from $2.1 billion the previous year, driven by price cuts and weaker demand.
This story is from the May 23, 2025 edition of AppleMagazine.
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