Elon Musk, Board Chair: Tesla Is not On the lookout for a New CEO

[ad_1] Tesla is denying a Wednesday Wall Avenue Journal report that it is trying to exchange Elon Musk as CEO.

In keeping with the report, which cited individuals acquainted with the matter, Tesla board members had contacted a number of recruitment firms a few month in the past to work on a proper course of to search out Tesla's subsequent chief govt. The sources said that the board had narrowed its consideration on one unnamed main search agency and had met with Musk final month to warn him that he wanted to spend extra time on Tesla.

Associated: 'They Have to Increase': Tesla's Annual Gross sales Declined For the First Time. Here is Why.

Robyn Denholm, chair of Tesla's board of administrators, immediately refuted the report in a put up on X on Thursday, writing that The Journal was "completely false" in claiming that the Tesla Board had reached out to recruitment companies to begin a CEO search, and mentioned that "this was communicated to the media earlier than the report was printed."

"The CEO of Tesla is Elon Musk, and the Board is extremely assured in his capability to proceed executing on the thrilling progress plan forward," Denholm added.

Musk additionally immediately addressed the report, writing in a put up on X on Thursday that it was an "extraordinarily dangerous breach of ethics" that The Journal would "publish a intentionally false article and fail to incorporate an unequivocal denial beforehand by the Tesla board of administrators!"

He added in a follow-up put up that the "WSJ is a discredit to journalism."

Earlier immediately, there was a media report erroneously claiming that the Tesla Board had contacted recruitment companies to provoke a CEO search on the firm.

That is completely false (and this was communicated to the media earlier than the report was printed).

The CEO of Tesla is…

— Tesla (@Tesla) Could 1, 2025 It's an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to incorporate an unequivocal denial beforehand by the Tesla board of administrators! https://t.co/9xdypLGg3c

— Elon Musk (@elonmusk) Could 1, 2025 Since Musk started main the Division of Authorities Effectivity (DOGE) earlier this 12 months, there have been at the very least 80 reviews of vandalism or arson of Tesla vehicles and mass protests at Tesla showrooms. Wedbush Securities analyst Dan Ives not too long ago wrote in a notice to traders that Musk has triggered "model harm" to Tesla due to his involvement with DOGE.

"Musk wants to depart the federal government, take a serious step again on DOGE, and get again to being CEO of Tesla full-time," Ives wrote forward of Tesla's earnings report final week.

Tesla's earnings confirmed that its first-quarter revenue had declined by 71%, reaching $409 million within the first three months of the 12 months in comparison with $1.4 billion within the first quarter of 2024.

In response, Musk mentioned within the earnings name final week that he would spend "way more" of his time at Tesla beginning in Could, shifting his focus from main DOGE to engaged on Tesla. He specified that he would spend "a day or two per week" overseeing DOGE beginning in Could, a downgrade from the 120 hours every week he reported spending on the division in February.

Musk is the richest individual on the planet on the time of writing, with a internet value of $333 billion, per the Bloomberg Billionaires Index.

Associated: Elon Musk's DOGE Is Hiring Individuals Desperate to 'Work Lengthy Hours' to Eradicate 'Waste, Fraud and Abuse' within the Authorities. Here is Methods to Apply.