Tesla board denies report it wanted to replace Elon Musk
1 min read
Summary
The Tesla board is searching for a successor to CEO Elon Musk, according to a report in the Wall Street Journal.
The electric carmaker has denied the report, saying the newspaper had been misled by false information given by anonymous sources.
The report claimed that the board had approached executive search firms and was working to identify a new leader, prompting Musk to accuse the WSJ of an “extremely bad breach of ethics”.
The car company suffered falling sales and a brand crisis in Q1FY25, while Musk’s public endorsement of meme-based cryptocurrency dogecoin and his increasingly close affiliation with former US President Donald Trump have led to criticisms that the CEO’s attention has wandered from Tesla.
The WSJ report claimed that board members reached the conclusion that Musk’s recent activities risked diverting further attention from the company.