Tesla Stock Rises as Elon Musk Promises to Focus More on Business and Less on Politics

What Happened:
Tesla stock went up on Tuesday, even though most big tech companies saw their shares drop. The reason? CEO Elon Musk said he’s stepping away from politics to focus more on Tesla.

Musk spoke at the Qatar Economic Forum through a video call. He said he plans to spend much less money on politics in the future. “I think I’ve done enough,” he said.

Reports suggest Musk spent up to $300 million supporting Donald Trump’s 2024 campaign. But now, he says he sees no reason to keep spending on politics unless something major changes.

Staying with Tesla

Musk also made it clear he plans to stay at Tesla for the long term. When asked if he’d still be CEO in five years, he replied, “Yes. Well, I might die,” adding his usual humor.

But he also said he wants more control over the company. Musk currently owns about 12.77% of Tesla, which is worth over $140 billion. He wants to grow that to 25%. That way, he says, he’ll have enough power to lead the company, but not so much that he couldn’t be removed if things went wrong.

“If I’m hurting the company or go totally crazy, they can still kick me out,” Musk joked.

Investors React Positively

Investors liked what they heard. Tesla stock went up, while most other big tech stocks dropped. Wall Street seems to prefer a Musk who’s more focused on making cars than making headlines.

This news also comes ahead of Tesla’s planned launch of its self-driving “Cybercab” in June — which Musk says is still on schedule.

In Short:

• Tesla stock rose while other tech stocks fell.

• Musk says he’ll stop spending big on politics and focus on Tesla.

• He plans to stay as CEO and wants more voting power.

• Investors seem happy with the news, especially with Cybercab coming soon.

Less political drama, more car-making — and Wall Street seems to approve.