GREEN BAY, WISCONSIN - MARCH 30: Billionaire businessman Elon Musk arrives for a town hall meeting wearing a cheesehead hat at the KI Convention Center on March 30, 2025 in Green Bay, Wisconsin. The town hall is being held in front of the state’s high-profile Supreme Court election between Circuit Court Judge Brad Schimel, who has been financially backed by Musk and endorsed by President Donald Trump, and Dane County Circuit Court Judge Susan Crawford. (Photo by Scott Olson/Getty Images)
Tesla and CEO Elon Musk have firmly denied a new Wall Street Journal report suggesting that the company’s board is seeking a new chief executive. The report claimed that the board had contacted executive search firms to find a successor due to concerns over Musk’s involvement in the Trump administration’s Department of Government Efficiency (DOGE) and Tesla’s recent financial performance.
In response, Musk labeled the article as “deliberately false” and unethical journalism. Tesla Chair Robyn Denholm also refuted the claims, stating that the board has complete confidence in Musk’s leadership and that no CEO search is underway.
The controversy arises amid Tesla’s reported 71% drop in net income for the first quarter of 2025 and a 30% decline in stock value since the beginning of the year. Critics have pointed to Musk’s political engagements and time spent on DOGE as factors contributing to investor concerns.
Musk has since announced plans to reduce his involvement with DOGE and refocus on Tesla’s operations. Despite the denials, the situation has sparked discussions about Musk’s leadership – or lack thereof – and strategic direction within the company.
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The Wall Street Journal has stood by its reporting, asserting that Tesla could comment before publication but did not provide a statement.
As Tesla navigates these challenges, investors and industry observers remain closely monitoring the company’s leadership and future direction.
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