Tesla Chair Robyn Denholm has dismissed a report by the Wall Street Journal suggesting that Tesla’s board is searching for a new CEO to replace Elon Musk. According to the Journal, Tesla’s board contacted executive placement firms in March to find Musk’s replacement, citing unnamed sources. However, Denholm stated on Tesla’s official X account that the claim was “absolutely false,” and the board remains “highly confident” in Musk’s ability to lead the company. The report highlighted Tesla’s recent volatility, as Musk has been preoccupied with the White House’s Department of Government Efficiency (DOGE) initiatives. Tesla’s stock price had fallen by 45% this year before recovering slightly. In April, Tesla reported a significant decline in sales and profit, with earnings dropping by 71%. Analysts at Wedbush Securities believe Musk made the right decision by recommitting to Tesla and expect him to remain CEO for at least five years. Despite this, protests outside Tesla showrooms have increased, and the brand faces potential damage among its former supporters. Musk also runs SpaceX and remains active in X’s operations, while his role in Trump’s administration has affected Tesla’s trade relations with China. — new from CNN
