Stockard on the Stump: Tennessee leader sees no conflict but sells Tesla stock

Worried about “distractions,” Tennessee Republican Senate Majority Leader Jack Johnson dumped Tesla stock this week amid questions about a potential conflict of interest in sponsoring two Boring Company bills to potentially give the state direct oversight of the Music City Loop.

Tesla is part of the equation because one day, maybe, Elon Musk’s all-electric vehicles will ferry folks under Nashville. Johnson doesn’t want to derail the deal.

A frontrunner for the soon-to-be-vacant Senate speaker and lieutenant governor’s post, Johnson said he sold 50 shares in the electric vehicle company Tuesday even though he wasn’t legally or ethically required to do so.

The move came after he pushed legislation in committees to give the state authority over Boring’s Nashville tunnels. In doing so, he declined to declare Senate Rule 13 to let people know he would be voting his conscience despite a possible indirect conflict. Tesla stock, which Johnson said is one of the most widely held in the country, sold at about $400 a share Tuesday.

Teslas are slated to run in the planned Boring tunnel between the State Capitol, Nashville Convention Center and airport. Musk owns the privately held Boring Company, and is Tesla’s CEO and top shareholder.

Johnson said he didn’t need to make a declaration but is checking with the Senate Clerk’s Office to make sure. He contends he has no financial interest in the Boring Company, which is separate from Tesla, but opted to get rid of the investment.

“I don’t want a distraction. It’s not worth it for 50 shares of the stock,” Johnson said. 

If owning the stock caused “an appearance of impropriety,” he wanted to avoid it because he considers himself a “champion” for the project.

TN Senate majority pushes second bill to keep state control of Boring Tunnel

Johnson said he bought the stock in April 2025, months before the Musk-owned company announced Music City Loop plans in late July, and listed it on his state financial disclosure form this January.

We’ll give him the benefit of the doubt, even though Nashville Mayor Freddie O’Connell’s office heard about the loop plans two years ago. 

Considering Musk’s prominence early in the Trump administration as director of the Department of Government Efficiency, he might have wanted to get on board with a solid investment, maybe even show his support for the DOGE.

If he was looking for a political bounce, it might have backfired.

Reporters finally started looking at Johnson’s state financial disclosure this week, noticing the Tesla investment after he passed two bills in Senate committees that would give the state authority over tunnels statewide, rather than local governments.

SB2205 would set up the Subterranean Homesick Blues Band – oops – the Subterranean Transportation Infrastructure Coordination Authority, an 11-member state board with a 20-person staff to handle permits and regulate underground projects. So while state leaders claim Boring is paying for all the tunnels, the state is spending $5 million yearly to oversee the company. Look for that cost to increase annually.

TN Senate Majority Leader proposes 20-person, $5M oversight agency for Boring Company Tunnel

“My support for a statewide governing framework for subterranean transportation infrastructure is based solely on sound public policy and Tennessee’s long-term success,” he said in a statement.

Johnson visited Las Vegas recently, at his own expense, to see the Boring tunnel there, which he said was “fascinating” and “impressive.”

SB1673 would make “subsurface transit companies” subservient to the state comptroller instead of local governments for property taxes. Of course, the state is donating underground right-of-way to Boring, so the comptroller might not have to do too much computing. 

But it is just one more way for the state to circumvent Metro Nashville – which is all the rage these days.

In his defense, Johnson followed the financial disclosure requirement and all Senate rules. It’s not even clear whether he had to list the Tesla stock by name. But if he had nothing to hide, he could have told the Senate committees. Then again, he doesn’t see a conflict, so no need for a public statement.

The Senate rule isn’t always helpful, though it did show that nearly half the body had a conflict when it passed a massive business tax break and rebate two years ago.

The House doesn’t even bother with a conflict of interest statement, and senators don’t have to describe their conflict. But they could give a hint, at least, and Johnson didn’t say anything until reporters asked him.

Kratom cratering

The House Criminal Justice subcommittee passed HB1649 this week restricting Kratom sales in Tennessee and expanding toxicology testing to determine whether it is present in overdose cases.

Republican Rep. Esther Helton-Haynes, who is sponsoring the bill, described the stuff as “gas station heroin.”

Tennessee Bureau of Investigation agents called it a psychoactive substance sold under the “false perception” that it’s not addictive. Yet they said it’s a stimulant with opioid-like effects, as well, making it popular yet hard to kick.

District Attorneys General Conference Director Stephen Crump said it’s “the next designer opioid market.”

Proponents countered that the regulations are fine but that the 21 age requirement isn’t being enforced properly. 

One woman told the committee it has helped her stay sober for four years. She doesn’t wake up “regretting” decisions from a night of drinking.

Others said it enables them to cope with chronic pain.

They acknowledged, though, that a synthetic form of Kratom more potent than the natural leafy substance is causing problems.

Unfortunately for the sponsor, the bill creating penalties for selling and possessing Kratom is expected to cost the state nearly $1.3 million in sales tax revenue and local governments $500,000.

Get thee behind the budget. In layman’s terms, that means the bill is likely to wait until the session’s bitter end to make sure the state can afford it.

Getting ahead of the game?

Republican leaders are backing a measure that would put the state in control of airport authorities across the state, removing appointment power from local governments.

State Rep. Johnny Garrett of Goodlettsville moved HB2507 through a transportation subcommittee this week, saying it “strengthens” regional airports and replaces older boards. 

Tennessee Supreme Court hears arguments in Legislature’s laws targeting Nashville

Metro Nashville and the state are locked in litigation at the Supreme Court level over the state’s effort to take over the airport.

Democratic Rep. Justin Pearson of Memphis called it another example of “overreach,” a situation in which the state would vacate all airport boards and put its own people in charge. He also said it could cause problems for federal airport grants.

Garrett responded that the move shouldn’t affect federal funding, and he pointed out the bill allows for the appointment of minorities, women and pilots. (Wait a second, that sounds a little like diversity and equity. Can they do that?)

More pointedly, Democratic Rep. Aftyn Behn of Nashville broached the idea that this would give “legislative cover” to Republican lawmakers in the airport authority case before the Supreme Court. She described it as “blasphemous.”

Garrett, though, said the Supreme Court arguments are finished and the bill couldn’t be considered in the final decision.

Of course, Republicans won’t need such a law unless the state loses the case. Then it would kick in.

The bill heads next to the full transportation committees in the House and Senate.

Subverting protesters

Johnson couldn’t give an example of a paid protester committing assault or vandalism in Tennessee. But he told the Senate Judiciary Committee this week that SB2222 could deter deep-pocketed people from paying protesters to do damage here. He didn’t cite evidence, either, of people being paid to protest.

Democratic Sen. London Lamar of Memphis raised the outside chance that the bill attacks “the idea of protesting” or the “legitimacy” of people’s rights to protest. 

“This is in no way meant to chill people’s rights,” Johnson said. He noted that he participated in anti-income tax protests when people threw bricks through the Capitol’s windows in 2001.

One wonders if those brick throwers would escape these days without the National Guard or Tennessee Highway Patrol slapping cuffs on them.

Sometimes the First Amendment can get a little messy.

“There’s just no place for street fighting man, no.” *

*“Street Fighting Man”, Rolling Stones