10:53 - 1.05.2025

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May 1, Fineko/abc.az. About a month ago, Tesla's board reached out to search firms to begin a process to replacing Musk as CEO, The Wall Street Journal reported Wednesday night. That came as sales and profits were falling noticeably with Musk focusing on his work with the Trump administration. That work, along with Musk's political persona, was hurting the brand.

About the same time as Tesla's board began mulling a replacement, it also met with Musk, telling him he had to spend more time with Tesla.

On the Q1 earnings call last week, Musk confirmed he would soon spend most of his time at Tesla again. That news, and Musk's optimism about Tesla's self-driving efforts, helped buoyed TSLA stock.

It's unclear if the board's succession planning has continued with Musk's plans to re-focus on Tesla.

One concern with replacing with Musk is that his exit could have a serious negative impact on TSLA stock.

Tesla's board beginning a search for a new chief executive and making demand on Musk would be a departure. The EV giant's board of directors has traditionally been seen as extremely deferential to the billionaire.