According to a report published recently in the Wall Street Journal, the board members of Tesla are on the quiet lookout for a new CEO. A month ago, the members reached out to several executive search firms looking for a successor to Musk. This news has surfaced on the internet amid growing concerns of investors about Musk’s divided attention. Elon’s involvement in the Trump administration has resulted in Tesla witnessing a fall in its stock prices. If you are someone who wants to know more about whether there are chances of Elon Musk being replaced at Tesla, the following article is for you.
Tesla Board Members Looking For A New CEO
According to WSJ, Tesla board members are quietly looking for someone who can replace Musk as the CEO of Tesla. While the board members have narrowed their search, we still have no information about whether Elon is aware of it. It is not clear exactly how we can expect the replacement to unfold, either. With Musk’s growing involvement in the Trump administration and DOGE, the sales of Tesla have witnessed a significant fall. It is even facing calls for a boycott because of Musk’s alignment with far-right parties. Neither Tesla nor Elon Musk has officially released a statement about what WSJ’s report revealed.
What Elon Musk Said Earlier After Tesla Witnessed A Drop In Sales?
Tesla’s sales witnessed a significant drop last month, and Elon Musk assured in a statement that he’ll spend less time in Washington and more running Tesla. In a statement during a conference call with several analysts, he mentioned how major work at DOGE is already over. He further added that he’ll now have far more time to allocate to Tesla from May. Musk further assured he’ll only spend a day or two a week handling the government matters.
Tesla’s Struggle To Maintain Its Position In The Automobile Industry.
Tesla has been really struggling to maintain its position in the automobile industry in the US. This is mainly because the competitors from China and Europe have seized a major share of the market. In addition to that, it witnessed a significant drop in its sales after protests broke out over Musk’s involvement in DOGE and its actions. The company, which is based in Austin, Texas, reported a steep 71% drop in profits and a 9% drop in revenues during the first quarter. Its revenue dropped from $21.3 billion to $19.3 billion between January and March. Wedbush Securities’ Dan Ives, in a statement, explained how the investors of Tesla simply wanted to see him recommit to the company.
What Did Elon Musk Say About The Future Plans Of Tesla?
In a statement during the conference call after the first quarter results announcement, Elon Musk stated that millions of Teslas will soon operate anonymously in the latter half of 2025. He talked about the future plans of Tesla and stated how people will soon be able to sleep in their Tesla and wake up at their destination. He confidently assured that the feature will have its launch in various cities across the US by the end of 2025.
