Tesla is pushing back against a report that its board is looking to replace Elon Musk as CEO amid backlash over his political stances and dwindling car sales. The electric vehicle maker’s chair, Robyn Denholm, said in a statement the report was wrong. She added that Musk remains the company’s CEO and the board is still “confident” in his ability to drive the company’s “exciting” growth plans forward.
The Wall Street Journal reported the Tesla board had contacted a recruitment firm about finding a new CEO, but wasn’t clear if this was an official move or just individual directors exploring options. Tesla’s board includes eight members: Musk, his brother Kimbal Musk, and James Murdoch, son of media mogul Rupert Murdoch.
Financial Challenges
Tesla reported a 71% drop in first-quarter profit compared to the same period last year. The company’s stock has also lost about a quarter of its market value. Musk responded to the Journal’s report on X, calling it a “deliberately false” and “seriously violating” ethical standards.
The source of this story is The Guardian.