It hasn't been an easy year for electric vehicle maker Tesla (TSLA -3.08%), which has seen its stock fall roughly 30% this year (as of April 30 market close). The company reported disappointing first-quarter results, with deliveries of roughly 337,000 coming in the lowest level seen since 2022.Many investors and analysts have also suspected that CEO Elon Musk's work with the Department of Government Efficiency (DOGE) has hurt the brand. However, investors got some reprieve during Tesla's first-quarter earni ...

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About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Elon Musk and Tesla are pushing back on a report that the company launched a search for its next CEO, calling it "absolutely false" and an "extremely bad breach of ethics."  The Wall Street Journal reported Wednesday night that Tesla’s board members reached out to numerous executive search firms around a month ago to work on a formal process to finding Musk’s successor. It attributed the development to people familiar with the discussions and noted that it happened as Tesla’s stock was sinking and some inve ...

ToplineElon Musk and the chair of Tesla’s board strongly denied a Wall Street Journal report that said the carmaker’s board began a search for a new CEO to take over from Musk amid concerns about the company’s plunging stock price while the billionaire was heavily involved in President Donald Trump’s administration, but to cut down the size of the federal government.Tesla CEO Elon Musk told investors last week that he will be "allocating far more of my time" to the ... More company and cutting back his invo ...

Tesla's board chair has denied that the company ever considered replacing Elon Musk as CEO amid a stock price slump and global brand crisis sparked by his work at DOGE. Robyn Denholm said on Wednesday that the board had high confidence in the billionaire's leadership, after The Wall Street Journal reported that board members had searched for a new CEO.The Journal reported that as Tesla's stock price plunged in March and April amid collapsing sales and public blowback over Musk's work at DOGE, unnamed Tesla ...

Tesla has denied a report that its board sought to replace Elon Musk as its chief executive amid a backlash against his rightwing politics and declining car sales.Robyn Denholm, the chair of the board at the electric carmaker, said in a statement on Tesla’s social media account on X: “Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.“This is absolutely false (and this was communicated to the media before ...

Tesla CEO Elon Musk walks to board Air Force One with U.S. President Donald Trump (not pictured) as they depart for Philadelphia, Pennsylvania, from Morristown Municipal Airport in Morristown, New Jersey, U.S., March 22, 2025.Shares of Tesla fell as much as 3% in overnight trading on trading platform Robinhood, following reports that its board has opened a search for a chief executive to succeed Elon Musk.Tesla's board members reached out to several executive search firms to work on a formal process for fin ...

Core Insights - Tesla's board is reportedly seeking a successor for CEO Elon Musk due to concerns over his involvement with the Trump administration and its impact on the company [1][7] - Musk has indicated a commitment to reduce his time with the Trump administration to focus more on Tesla [2] - The board's discussions about succession planning have raised questions about Musk's awareness and influence on these efforts [7] Company Operations - Musk's role in the Trump administration, particularly in the Department of Government Efficiency, has been controversial and has raised investor concerns as Tesla's EV sales decline [3] - The company is facing increased competition and has shifted its focus from developing an affordable EV platform to advancing in AI and robotics, including driverless taxis and humanoid robots [8] - Recent regulatory changes easing rules for testing autonomous vehicles have positively impacted Tesla's stock [10] Board Dynamics - Some Tesla board members have been meeting with major investors to reassure them about the company's leadership amid concerns about Musk's influence [10] - Board chair Robyn Denholm has faced criticism regarding her pay package and the board's independence, which has been a long-standing issue among activist investors [11]

Core Insights - Tesla's board has initiated a search for Elon Musk's potential successor due to concerns over his divided attention and the company's declining performance [1][2] - Musk's involvement in government work has contributed to Tesla's first annual sales decline in over a decade, with the company's market value dropping from $1.5 trillion to approximately $900 billion [3] - Despite reporting a 71% profit decline and a 9% revenue drop, Musk remains optimistic about Tesla's future, assuring investors that the company is not in a critical state [4] Group 1 - The board's concerns about Musk's focus led to discussions about succession planning [1][2] - Musk's government activities have negatively impacted Tesla's brand image and sales performance [3] - The current status of the succession planning process is unclear, including Musk's awareness of it [4] Group 2 - Tesla's market value has significantly decreased, reflecting investor concerns [3] - The company reported a substantial decline in profits and revenue during the latest earnings call [4] - Musk's commitment to allocate more time to Tesla starting in May indicates a potential shift in focus [2]