Elon Musk: ‘I have no political power’

Billionaire Elon Musk said he plans to significantly cut political spending and pledged to stay on as Tesla CEO for another five years.

Elon Musk has revealed that he will significantly cut his political spending, a decision that could pave the way for him to retire completely. Photo: Reuters .

Speaking online at the Qatar Economic Forum on May 20, Elon Musk announced plans to significantly cut political spending and reaffirmed his commitment to continue serving as Tesla’s CEO for at least the next five years.

The move is aimed at alleviating concerns about Tesla’s stock plummeting as Elon Musk spends more time at the White House, prompting rumors that the company’s board is looking for a replacement.

“In terms of political spending, I’m going to do a lot less in the future. I think I’ve done enough. If I see a reason to spend in the future, I will. Right now, I don’t see it,” Musk said.

Musk also said he has little influence on the Office of Government Efficiency (DOGE), an agency set up to cut US government spending.

“I’m just an advisor. I don’t have formal power. That’s it. The president can take my advice or not,” the billionaire said.

The world’s richest man’s comments could have a major impact on next year’s midterm elections, as Musk is a major Republican donor. Musk has already spent more than $250 million on Trump’s re-election campaign, making frequent appearances at rallies and attending meetings at his Mar-a-Lago estate.

After election night, he flew to Austin to meet with the Tesla board, then returned to Florida for senior meetings.

Also in the speech, Musk emphasized that “reasonable control” of Tesla is the most important factor for him to have more shares of the company, and stay as CEO for at least the next 5 years.

Musk also said that Tesla’s competitors have not “turned the tables.” He admitted that Europe is where Tesla is weakest, but they are successful in other markets.

“We don’t expect any sales decline,” Musk said.

According to Reuters , analysts have also shown that more than 75% of Tesla’s market value comes from investors’ expectations of Musk’s promises of autonomous driving technology and humanoid robots. Investors believe that Musk is the only genius with a vision for the future, despite fierce competition from Chinese carmakers.