Tesla (TSLA) CEO Elon Musk is stepping back from political donations after facing heavy backlash over his support for Donald Trump and involvement in the Department of Government Efficiency. Speaking at the Qatar Economic Forum, Musk defended his actions by saying, “I did what needed to be done,” despite what he described as threats and harm directed at his companies. Musk, who donated at least $250 million to Trump’s campaign through America PAC and supported other political efforts, now says, “I think I’ve done enough,” and plans to scale back his political spending going forward.
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While Musk’s political activity has drawn criticism, his business ventures continue to grow. Indeed, on Tuesday, Starlink, his satellite internet company, announced that it is now available in Bangladesh. According to a post on Musk’s platform X, Starlink will offer high-speed internet across the country, and monthly subscriptions will start at 4,200 taka, about $35, with a one-time setup cost of 47,000 taka, or $386. A senior official from Bangladesh’s telecom ministry, Faiz Ahmad Taiyeb, said the service provides a premium alternative for reliable internet access and confirmed that all regulatory protocols were followed. Starlink will also pay the government $1 per device sold.
Separately, Musk made it clear that he still sees a future at Tesla by saying that he plans to remain CEO for the next five years unless he dies. However, he did mention that a blocked $56 billion pay package and worries about being removed by activist investors have made him think more about control. As a result, he wants to make sure that he has enough voting power at Tesla to guide its future, especially if the company begins building millions or even billions of humanoid robots. Indeed, Musk emphasized that it’s not about money but about having control in order to protect Tesla’s direction and vision.
What Is the Prediction for Tesla Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 16 Buys, 10 Holds, and 11 Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $277.78 per share implies 20.6% downside risk.
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