Tennessee Senate Majority Leader Jack Johnson purchased Tesla stock in April 2025, three months before the state's announcement of the Music City Loop tunnel project involving Elon Musk's companies. He amended his financial disclosure in January 2026 to include the investment and later sold the shares to avoid any appearance of impropriety. The timing has raised questions about potential conflicts as Johnson advances legislation to oversee the project.
State Senate Majority Leader Jack Johnson (R-Franklin) bought 50 shares of Tesla in April 2025, an investment exceeding $10,000, according to financial reports filed on April 15, 2025, and amended on January 6, 2026. This occurred three months before Governor Bill Lee announced the Music City Loop project in July 2025, a proposed underground tunnel system from Nashville International Airport to downtown, serviced exclusively by Tesla vehicles and built by The Boring Company, owned by Elon Musk.
Johnson, who is in line to become the next lieutenant governor following Randy McNally's retirement, introduced a bill last week to create the Subterranean Transportation Infrastructure Coordination Authority, an 11-member state agency to oversee permitting, regulations, and contracts for underground projects like the Music City Loop. The authority would consolidate oversight from entities including the Tennessee Department of Transportation and local bodies, with seven members appointed by Republican leaders. Johnson stated, "This bill creates predictability and promotes safety."
When questioned about the investment's timing, Johnson initially claimed he had owned Tesla stock for years, but prior disclosures from 2023, 2024, and 2025 did not list it until the January 2026 amendment. He later clarified that the purchase aligned with the amendment date and denied knowledge of the tunnel project or the business ties between Tesla and The Boring Company until the announcement. "No, it [the Tesla stock purchase] was definitely before I knew anything about the Loop," Johnson said.
Political analyst Kent Syler noted the timing creates an "appearance problem," questioning the bill's reduction of local oversight on environmental and safety issues. Local opposition includes a Metro Nashville Council resolution against the project, sponsored by Councilmember Delishia Porterfield, set for a vote next week. Johnson sold his shares on March 3, 2026, the day reporters contacted him, stating, "I have fully liquidated my position in Tesla to avoid even the appearance of impropriety."
The project received final permits and a long-term lease on state property on February 26, 2026, and a $34 million lease from the BNA Airport Authority. The Boring Company has faced over $200,000 in fines for violations in Las Vegas. Johnson emphasized his support for the legislation stems from "sound public policy," and no ethics violations have been found.
