SAN FRANCISCO (KCBS RADIO) – After the Wall Street Journal reported Thursday that electric vehicle manufacturer Tesla’s board of directors was considering replacing its CEO, Elon Musk, chair Robyn Denholm apparently debunked the claim.
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“Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company,” said Denholm in a post on X, a social media company owned by Musk. “This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”
According to the WSJ report, “people familiar with the discussions” said that board members had reached out to several executive search firms to find a successor for its CEO. The outlet also said that board members told Musk to spend more time at the company with its stock price slipping this year.
Musk – a multibillionaire who also founded the Boring Company – took on a high-profile role as advisor to President Donald Trump following his inauguration in January. He was appointed by Trump to lead the Department of Government Efficiency (DOGE), a project that has resulted in sweeping government cuts and a plethora of lawsuits in response to those cuts.
In addition to lawsuits, DOGE’s moves have been met with protests against the new department, Musk himself and Tesla. Protestors have even targeted Tesla dealerships and Tesla vehicles. Audacy reported in March that the president threatened anyone who vandalized a Tesla with 20 years in jail.
While Musk has often been the subject of headlines in recent years, his position in the Trump administration has thrust an even greater spotlight on the man and his political views concerning the U.S. and other nations. For example, Audacy reported in March on backlash to Musk’s re-post on X about Adolf Hitler and other dictators, as well as his support of a far-right party in Germany.
This week, Reuters reported that Tesla sales fell in France for a fourth straight month last month and also dropped in Denmark, “the latest sign Elon Musk’s EV brand continues to struggle as Europeans buy more Chinese cars and some protest against his political views.”
By this March, Audacy reported that it looked like Musk’s work with DOGE was already impacting Tesla, a leading EV manufacturer.
“Your stock is way down, you’ve been criticized left and right,” said Larry Kudlow of the Fox Business Network. Around that time, Musk lost an estimated $16 billion in a single day. He laughed it off in the interview with a “Monty Python’s Life of Brian” quote.
In early April, Audacy reported that Tesla sales had dropped by 13%, their lowest level since 2022. We cited reports that indicated Musk would step back from his work with the Trump administration to focus on the company. Indeed, the goal for DOGE was to complete its work within 130 days of the start of Trump’s second term, a deadline that is fast approaching.
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