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Amid fluctuating market conditions and rumors about Elon Musk's role as the CEO of Tesla Inc. (NASDAQ:TSLA), the tech billionaire has suggested that he continues to spend the majority of his time at the EV giant.
What Happened: On Tuesday, during Tesla's first-quarter earnings call, Musk was asked that considering he is leading several important companies including SpaceX and X, formerly Twitter, where does his heart actually belong.
The question came from Tony Sacconaghi, a Wall Street analyst from Bernstein, who asked him about the possibility of reduced involvement with Tesla at “any point over the next three years.”
In response, Musk sidestepped answering the question directly. He said that Tesla “constitutes a majority of my work time, and I work pretty much every day of the week, it’s rare for me to take a Sunday afternoon off.”
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The entrepreneur went on to assert that he will make sure “Tesla is quite prosperous. And it is — like it is prosperous, and it will be very much so in the future.”
Last year, Tesla director James Murdoch created a stir when he reportedly suggested that Musk has identified a potential successor to replace him.
Why It's Important: Earlier this month, Tesla's stock faced a significant downturn following a report on disappointing first-quarter deliveries. At the time, Wedbush analyst Dan Ives said that 70% of Tesla's value is Musk.
“Musk is Tesla, Tesla is Musk,” he said.
In January earlier this year, Musk said that he would require increased control of Tesla if he is to advance AI endeavors at the company. “I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned.”
Previously, in 2020, Musk admitted that he never wanted to be CEO of Tesla. “This is misinterpreted like I somehow don't love Tesla, which I do, it's just like trying not to go insane with work,” he said at the time.
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Posted In: TSLA
