As Tesla TSLA  investors grow uneasy about his divided focus, Elon Musk’s past statements are resurfacing—including his claim that he never wanted to be CEO because it “hurts” his heart.

Investors Question Musk’s Priorities

Tesla’s stock has plummeted 52% from its mid-December high, with shares declining every week since Musk went to Washington, D.C. Investors worry that Musk is spread too thin, juggling Tesla alongside SpaceX, X, xAI, The Boring Company, Neuralink and now his role in Washington, overseeing government cost-cutting efforts.

“It’s become clear he’s now spending more time on DOGE than anything else,” Garrett Nelson, a senior equity analyst at CFRA Research, told Business Insider, referencing Musk’s commitments at the Department of Government Efficiency.

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Retail investors have voiced their frustration as well. A StockTwits poll found that 60% of respondents believe Musk's political focus is hurting Tesla, while only 25% dismissed the concern as media hype.

Musk’s Reluctance to Be CEO

Musk has stated multiple times that he never aspired to be Tesla's CEO. In a 2020 interview, he clarified, “This is misinterpreted like I somehow don't love Tesla, which I do, it's just like trying not to go insane with work.”

His reluctance dates back to his early career. At Zip2, his first major startup, he was blocked from taking the CEO role. At X.com, which after a merger became PayPal PYPL, he was pushed out of leadership over concerns about his executive experience. When Tesla was founded in 2003, Musk initially took a backseat, investing heavily but not stepping in as CEO until 2008, when the company faced financial turmoil.

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In June 2022, Musk reiterated his hesitation, posting on the former Twitter: “I never wanted to be CEO—just wanted to work on product/technology.” He followed up with another telling remark: “Running companies hurts my heart, but I don't see any other way to bring technology & design to fruition.”

Calls for Musk to Step Back

With Tesla facing slowing vehicle sales in key markets like Europe and China, some analysts believe Musk should finally step away from daily operations.

But these calls aren’t anything new. In February 2024, Will McDonough, CEO of Corestone Capital, told Fortune, “When you have a founder at the helm, it's both a gift and a curse because visionaries rarely make great CEOs.” He suggested Tesla find a professional manager, much like Google brought in Eric Schmidt to oversee operations while the founders focused on innovation. Or just like Elon did when he brought in Linda Yaccarino as the CEO of X.

Others have pointed to Zack Kirkhorn, Tesla's former finance chief, as someone who could have taken on a larger role, but he abruptly left the company in August with no explanation. Gwynne Shotwell, SpaceX's president, has also been cited as one of the few executives who have worked seamlessly with Musk over a long period.

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The Catch-22 for Tesla Investors

Despite the growing concerns, analysts say Musk remains essential to Tesla’s stock price. Ross Gerber, a longtime Tesla investor, estimated that “about $150 to $200 per share” of Tesla's value is based on Musk's involvement. At the same time, his controversial statements and governance decisions—such as his demand for 25% control of Tesla's AI efforts—have fueled criticism.

Randall Peterson, a professor at the London Business School, believes the best solution is for Musk to take a backseat. “Could they find some kind of accommodation that keeps Elon in the atmosphere but takes him out of day-to-day management? If they can come to that, then they're in business. If not, it's a huge risk,” he told Fortune.

Even Musk himself has floated the idea of stepping down. Tesla director James Murdoch testified in a trial over Musk’s 2018 Tesla pay package that a successor had been identified. 

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