At the Qatar Economic Forum on Monday, a combative Elon Musk took on criticism about his role in the US government’s controversial Department of Government Efficiency (DOGE), as well as his myriad business roles, with a particular focus on Tesla (TSLA).
When questioned about Tesla’s weakening sales in the first quarter and April sales thus far in Europe, Musk said the business has “already turned around,” adding that “Europe is our weakest market” and that Tesla was “strong everywhere else.”
“Sales numbers are strong, we see no problem with demand,” Musk added, despite falling sales numbers to the contrary.
Musk said the market is the ultimate scorecard for Tesla’s state of business.
“You can just look at the stock price if you want the best inside information,” he said. “The stock market analysts have that, and a stock wouldn’t be trading near all-time highs if it was not, if things weren’t in good shape. They’re fine, don’t worry about it.”
Read more about Tesla’s stock moves and today’s market action.
While Tesla stock has recovered this year, it is still down 13% year to date and off 30% from its all-time high.
Musk’s compensation came up as well, as stock ownership is the main component of his remuneration.
Last week, the Financial Times reported Tesla’s board had formed a special committee to explore a new pay package for Musk, with stock options potentially on the table. The committee will explore “alternative ways” to compensate Musk for past work should Tesla fail to reinstate Musk’s prior 2018 pay package, which is on appeal with the Delaware Supreme Court.
The bruising battle over Musk’s pay led to several large shareholders complaining about the exorbitant amount Musk would be paid — $56 billion — and Musk’s threat that he would take projects like artificial intelligence away from Tesla unless he received more stock options.
“It’s not a money thing, it’s a reasonable control thing,” he said when asked about the $56 billion pay package, which is now worth upward of $100 billion.
“I can’t be sitting there and wondering if I’m going to be tossed out,” he said, referring to the pay package. “Now let’s move on.”
Musk said he intends to be Tesla’s CEO in five years’ time, though he couldn’t guarantee it.
“Well, no, I might die,” he laughed.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
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