According to a new, brow-raising WSJ report, Tesla's board quietly began searching for Elon Musk's potential successor about a month ago, approaching executive search firms as the carmaker faced protests, plummeting sales, and shrinking profits while Musk waded into Washington to slash government spending.
For a while, it looked like Elon Musk's political side hustle might cost him his day job. But according to Dan Ives of Wedbush, one of Wall Street's most influential Tesla Inc (NASDAQ:TSLA) bulls, the boardroom drama has cooled, and Musk is now back in the driver's seat.
Tesla (TSLA) chair Robyn Denholm Thursday denied a report that the EV maker's board members had reached out to several executive search firms to start a formal process to replace CEO Elon Musk.
Tesla Inc.'s chair denied a report that said board members started a search for a chief executive officer to succeed Elon Musk, saying directors are “highly confident” in his abilities. The Wall Street Journal reported late Wednesday that unidentified Tesla board members had reached out to executive-search firms about a month ago, citing people familiar with the discussions.
Tesla is pushing back against a Wall Street Journal report claiming its board is actively seeking a successor to CEO Elon Musk.
Electric vehicle (EV) biggie Tesla TSLA had a rough start this year. It saw its sales slipping across all key regions, including the United States, China and Europe.
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.
Shares of Tesla Inc. (NASDAQ: TSLA) dropped 3.4% on Wednesday, further eroding the recent run after Elon Musk promised to return his attention to the company he runs.
Insider buying has slowed considerably in the past week or so, due largely to the current first-quarter earnings reporting season.
UK retail investors showed an appetite for US tech stocks and home-market staples over the month of April, with Nvidia Corp (NASDAQ:NVDA), Tesla Inc (NASDAQ:TSLA) and BP PLC (LSE:BP.) featuring across multiple platforms as top buys.
Elon Musk and Tesla are denying a report from The Wall Street Journal that the company has reached out to executive search firms in a hunt for its next CEO.
Tesla (TSLA) chair Robyn Denholm Thursday denied a report that the EV maker's board members had reached out to several executive search firms to start a formal process to replace CEO Elon Musk.