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The board of electric vehicle company Tesla is looking for a new CEO to replace Elon Musk, according to reports - which Musk has denied.
In recent months, Musk has been embroiled in controversy over his role at the head of government department DOGE, which has had a knock on effect on Tesla, causing car sales and profits to plunge.
According to a report from the Wall Street Journal, multiple executive search firms were approached by Tesla board members around a month ago, allegedly looking for a successor to replace Musk at the helm as chief executive. However, it is not yet known what the current status of the succession plan is for Tesla.
The WSJ article has been refuted by Tesla’s chair, Robyn Denholm, who said that the suggestion of an active search was “absolutely false”. She said the board is confident in Musk “executing on the exciting growth plan ahead”.
An angry Musk also took to his social media platform X/Twitter, slamming the report.
Musk wrote: “It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors!”
The WSJ reported that people familiar with a meeting between Musk and the board said the billionaire was told by board members that he needed to spend more time on Tesla and not in Washington.
Musk reportedly said on a conference call about earnings: “Starting next month, I’ll be allocating far more of my time to Tesla.” It comes amid reports that he “wants to leave” US politics.
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