State Senate Majority Leader Jack Johnson (R-Franklin), a Williamson County Republican who could be next in line to lead the chamber, made a substantial investment in Elon Musk’s Tesla as the state coordinated The Boring Company’s Music City Loop deal last year. Johnson bought 50 shares of the corporation, whose vehicles will exclusively service a proposed underground tunnel running beneath state-owned roads, in April 2025 — an investment of more than $10,000.
“Tesla is one of the most widely held stocks in America,” Johnson tells the Scene in a statement. “Although there is no legal or ethical requirement to do so, I have fully liquidated my position in Tesla to avoid even the appearance of impropriety.”
Tesla stock has jumped 54 percent since April, including a sharp climb after Gov. Bill Lee announced the state deal in July. Johnson tells the Scene he knew nothing about the tunnel project until Gov. Lee’s announcement. Johnson says he sold his shares Tuesday, March 3 — the same day the Scene contacted him about the stock.
Johnson sits just behind outgoing Lt. Gov. Randy McNally as the chamber’s most powerful senator and could replace the retiring McNally as the Senate’s presiding officer next session. Johnson is also sponsoring key legislation related to Musk’s The Boring Company, the construction company building Nashville’s Tesla tunnel, in the Senate. His bill would grant a state-appointed 11-person “Subterranean Transportation Infrastructure Coordination Authority” with permitting and regulation oversight power over underground projects including the Music City Loop. The Boring Company faced more than $200,000 in fines for repeated regulatory violations during tunnel construction in Las Vegas.
“My support for a statewide governing framework for subterranean transportation infrastructure is based solely on sound public policy and Tennessee’s long-term success,” Johnson explains in a statement to the Scene. “This legislation simply establishes clear, uniform standards so emerging transportation technologies can be evaluated responsibly and transparently.”
Financial reports filed by Johnson on April 15, 2025, disclose 15 separate investments held by him or his spouse, 13 of which appear to be market index funds. Johnson amended this report on Jan. 6, 2026, specifically to include Tesla along with three other market index funds. The senator also holds a direct investment in Copart, a Dallas-based vehicle dealer with five registered lobbyists at the Tennessee General Assembly.
The corporations are deeply entwined via critical operations — The Boring Company’s underground roadways rely on Tesla vehicles, and Tesla CEO Musk is the controlling owner of The Boring Company and primary Tesla shareholder.
A personal investment in Tesla would present a conflict of interest between Johnson’s job as a legislator and potential personal gain. Tunnel details, agreements and dealmaking have been ongoing since Lee’s July press conference announcing the plan. The tunnel hinges on a long-term lease of state-owned property officially granted by the Tennessee Department of Transportation and the Federal Highway Administration on Feb. 26. Currently routed between Nashville International Airport and downtown, the project snakes underneath Murfreesboro Pike, promising direct trips via Tesla in nine minutes. The Boring Company proposed an additional branch along West End Avenue in December. Local leaders criticize the project as an irresponsible gift of public resources that has been fast-tracked without proper environmental or safety studies.
Mayor Freddie O’Connell says he was briefed on the project in summer 2024 but given no specific details before Lee’s announcement. The Metro Council will vote Tuesday night on a symbolic resolution to oppose its construction.
