Tesla CEO Rumors Dismissed as Company Addresses Falling Profits and Criticism
Tesla has denied a report that its board sought to replace Elon Musk amid growing criticism over his right-wing politics and declining car sales. In a statement on the company’s social media account, chair Robyn Denholm confirmed that there was no truth to the claim.
The Wall Street Journal had reported earlier this week that some Tesla board members were in contact with headhunters about finding a successor for Musk. However, this has been vehemently denied by the company.
Tesla has faced significant backlash over Musk’s recent political activity, including his support for the far-right Alternative für Deutschland party before German national elections in February. The company’s sales have also taken a hit, with profits dropping 71% in the first quarter of the year and the stock losing about a quarter of its market value.
Despite these challenges, Musk reassured investors that he would allocate more time to Tesla starting from May. He is scheduled to leave his government role on May 30th, but this move has been seen as an attempt to alleviate concerns over his demands on time. As the CEO of multiple companies, including SpaceX and X (formerly Twitter), Musk’s dual roles have raised eyebrows.
Musk responded to the Wall Street Journal report by denouncing it as a “deliberately false article” that failed to include an unequivocal denial from Tesla’s board of directors. The company’s stance on the matter suggests that it is committed to supporting Musk in his role as CEO.
Source: https://www.theguardian.com/technology/2025/may/01/tesla-denies-report-claiming-board-looked-to-replace-elon-musk