NASHVILLE, Tenn. (WSMV) – Tennessee Senate Majority Leader Jack Johnson recently purchased stock in Tesla while simultaneously advancing legislation that could benefit the company if Nashville’s Music City Loop project is successful, WSMV4 has learned.
Last week, Johnson, a Franklin Republican, introduced a bill to create a new state agency that would oversee The Boring Company’s planned tunnel system, which will exclusively use Tesla vehicles when it opens in 2027. The legislation comes just as The Boring Company, also owned by billionaire Elon Musk, received final permits to begin construction on the project.
The senator amended his 2025 Disclosure of Interests in January of 2026, showing the Tesla stock, according to a state Ethics Commission report obtained by WSMV4.
But when Johnson introduced his oversight bill, the Senator did not mention his recent Tesla investment
When asked if that posed a conflict of interest, Johnson said no.
Tennessee senator’s Tesla investment raises questions as oversight bill advances(WSMV)
“I’ve owned Tesla stock for years, and it’s properly disclosed,” said Johnson.
While Johnson says he has owned Tesla stock for years, past ethics disclosures do not reflect that, because the investment does not appear on his 2023, 2024 or 2025 reports before the amendment.
When pressed about the timing of his stock purchase and told that ethics reports before the amendment do not include the investment, Johnson’s answer changed.
“Well, if that’s when I amended it, then that’s when I bought it [the Tesla stock]”, Johnson said. “Because you have to amend your report as soon as you buy the stock.”
According to the Tennessee Ethics Commission report, Johnson amended his disclosure of interests on January 6, 2026, showing the Tesla investment for the first time.
Johnson denied that the Music City Loop project influenced his Tesla investment, saying he was unaware of the business relationship between the Boring Company and Tesla.
“No, it [the Tesla stock purchase] was definitely before I knew anything about the Loop,” Johnson said.
The Music City Loop project will use Tesla cars as rideshare vehicles in a network of underground tunnels running from the airport to downtown, designed to ease Nashville’s traffic congestion. Supporters say the project will not cost taxpayers money. The first leg will connect downtown Nashville to the airport.
Tennessee senator’s Tesla investment raises questions as oversight bill advances(WSMV)
Johnson’s bill would create the Subterranean Transportation Infrastructure Coordination Authority, a new state-controlled body with 11 voting members. Seven would be appointed by Republican state leaders: the governor, the speaker of the House and the speaker of the Senate. With current Lieutenant Governor Rand McNally announcing his retirement last week, Johnson is poised to become the next speaker of the Senate.
The authority would issue permits, acquire property, create regulations, and negotiate contracts with the Boring Company, effectively consolidating oversight from the Tennessee Department of Transportation, the Department of Environment and Conservation, the State Fire Marshall, and the Nashville City Council.
“This bill creates predictability and promotes safety,” Johnson said when introducing the bill before the Senate Commerce and Labor committee last week.
Kent Syler, a political analyst and professor at Middle Tennessee State University, said the timing of Johnson’s investment creates an appearance problem.
“People are always going to think the worst, so our elected officials don’t need to give them more reasons to do that,” Syler said, noting that when projects like the Music City Loop run through municipalities, people usually want more transparency, not less.
“The biggest question I have with this piece of legislation is that it gives the oversight and authority to a state agency that knows absolutely nothing about the regulating bodies needed, like the environment or underground safety,” Syler said. “And that new state agency, it largely leaves oversight from local government and communities that might be affected. And to lose that voice with your local officials would be a really tough thing for a lot of our local citizens throughout Middle Tennessee.”
When asked if he stood to profit from Tesla stock if the tunnel succeeds, Johnson responded: “Perhaps. And if it’s an issue or a problem, I’ll sell the stock.”
While Johnson has not violated any ethics rules or laws, the Senator did know the value or amount of Tesla stock he purchased, but said he would provide that information.
After WSMV4 sent the Senator a follow-up email, asking for that information, his office replied late this afternoon, writing in part:
“Tesla is one of the most widely held stocks in America. I purchased 50 shares of this stock in April 2025, well before the Music City Loop was announced on July 28, 2025.
My support for a statewide governing framework for subterranean transportation infrastructure is based solely on sound public policy and Tennessee’s long-term success.
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.
Tennesseans deserve infrastructure policy focused on results, not distractions.”
Gov. Bill Lee announced approval of the permit and lease agreement for the Music City Loop last week, and earlier, the BNA Airport Authority unanimously approved a $34 million lease agreement for the Boring Company to build a station on airport property.
Johnson said he had conversations with TBC but not with Musk. He said the bill was authored by his legal team with input from state transportation officials, environmental regulators, and the State Fire Marshal.
The Metro Nashville Council is scheduled to vote next week on a symbolic resolution from Councilmember Delishia Porterfield opposing the Music City Loop project.
Johnson’s oversight bill already cleared the Senate Commerce and Labor Committee last week, and a vote is scheduled before the Senate Transportation Committee on Wednesday. The House has not yet considered the legislation.
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