Tesla board began CEO search to potentially replace Elon Musk: Report
The Wall Street Journal reported on Wednesday that Tesla board members began searching for a successor to CEO Elon Musk about a month ago, reaching out to several executive search firms. The move comes amid growing investor concern over Musk's divided attention, especially due to his role heading the US Department of Government Efficiency in the Trump administration and Tesla's declining stock prices.advertisementWhile the board has narrowed its search, it remains unclear whether Musk is aware of the discussions or how the succession planning will unfold. Tesla's sales have plummeted as protests and boycotts intensify over Elon Musk's alignment with far-right politics. The company's profits have dropped by two-thirds this year, while competitors from China, Europe, and the US seize the opportunity to gain market share.Tesla and Musk did not immediately respond to Reuters' requests for comment.
ALSO READ: 'Gulf of America' hats take center stage at Trump's 100-day cabinet meetingLast month, Elon Musk said that he'll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.Musk said on a conference call with analysts that 'now that the major work of establishing Department of Government Efficiency is done,' that he will be 'allocating far more of my time to Tesla' starting in May. Musk said he now expects to spend just 'a day or two per week on government matters.'advertisementTesla struggled to sell vehicles as it faced angry protests over Musk's leadership of DOGE, a jobs-cutting group that has divided the country. The Austin, Texas, company reported a 71% drop in profits and a 9% decline in revenue for the first quarter.'Investors wanted to see him recommit to Tesla,' said Wedbush Securities' Dan Ives.ALSO READ: Rubio dials S Jaishankar, Shehbaz Sharif: India and Pak should de-escalate tensions'There will be millions of Teslas operating autonomously in the second half of the year,' Musk said in a conference call after the results were announced. He later added about the personal use of autonomous vehicles, 'Can you go to sleep in our cars and wake up at your destination? I'm confident that will be available in many cities in the US by the end of this year.'Tesla's revenue fell from $21.3 billion to $19.3 billion in the January through March period, also below Wall Street's forecast.(With input from Reuters, Associated Press)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
an hour ago
- NDTV
"Glad I Came To See It": Elon Musk's Father On Visit To Ayodhya's Ram temple
Ayodhya: Errol Musk, father of tech billionaire Elon Musk, visited the Ram temple in Ayodhya on Wednesday afternoon and described the experience as "wonderful" and one of the "best things" he has ever done. Errol also paid obeisance at the Hanumangarhi temple nearby. He was initially scheduled to visit the Taj Mahal in Agra as well but the plan may be dropped due to extreme heat in the region. #WATCH | Uttar Pradesh: "I feel great, wonderful," says Errol Musk, father of Tesla CEO Elon Musk, on his visit to Ayodhya — ANI (@ANI) June 4, 2025 "It's wonderful, absolutely wonderful (Ayodhya visit). It's one of the best things I've ever done. "I'm so glad I came to see it and can't wait till the temple gets completed, the big temple, it's going to be something like a wonder of the world," Errol told PTI Videos. Separately, talking to reporters after visiting both temples, he said, "My experience here in India has been wonderful. I'm here (in India) to begin working with Servotech and am looking forward to spending a lot of time in the country. The temples are marvellous and so are the people." Accompanied by his daughter Alexandra Musk, Errol arrived at Ayodhya airport around 2.30 pm and left after 4 pm. He was wearing kurta-pyjama during his visit to the Ram temple. Security was on high alert in the temple town during the visit. "There is already a three-layered high-level security cover in place in Ayodhya, which includes round-the-clock deployment of high-tech anti-drone systems capable of detecting and neutralising unauthorised aerial activity," a police officer said. He added that security arrangements in and around the temple area include CCTV surveillance, regular checking of visitors and deployment of specially trained personnel. "However, no additional security cover will be extended officially for this visit as the existing measures are adequate," he said. Errol, who is the Global Advisor to Servotech Renewable Power System Ltd, began his India trip on June 1 and will be in the country till June 6, a spokesperson for the Haryana-based company said in a statement. "His visit is squarely focused on accelerating India's burgeoning green technology and electric vehicle (EV) charging infrastructure development," the company said. Servotech managing director Raman Bhatia is also expected to visit the Ram temple on Wednesday.
Time of India
an hour ago
- Time of India
From MAGA to Abomination: Elon Musk goes rogue on Donald Trump
TOI correspondent from US: Mutiny has erupted in MAGA after Elon Musk exploded at Trump Republicans on Tuesday, accusing them of bankrupting America with reckless spending, leading to a mountainous, unsustainable deficit. Tired of too many ads? go ad free now Musk did not directly attack President Trump, but signs of a deep rupture were evident considering the MAGA supremo owns his so-called Big Beautiful Bill and urged lawmakers to support it, which every Republican member -- save two -- did to pass it 216-215 in the House of Representatives last week. All but two Democrats opposed it. The Republican action, spurred by President Trump, did not go down well with Musk, who suddenly has buyer's remorse after plowing almost $ 300 million of his fortune into the 2024 election campaign for what many critics have characterized as buying the White House/Presidency. "I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it," he exploded on X. He followed it up with a series of posts, accusing Congress of "making America bankrupt" by voting for a bill that will "massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt." "ENOUGH. Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing," Musk said in another post, adding "This immense level of overspending will drive America into debt slavery!" He also reposted several posts from critics, many of them Republicans, who pointed out that the US national debt is now rising by $1 trillion every 180 days, and the government is paying over $100 billion per month in interest on the national debt, with about 25% of all government revenue going to pay interest. Tired of too many ads? go ad free now While Musk blamed the entire Congress for putting America on the road to bankruptcy, the onus for this rests for the moment with the Republican majority, which passed the BBB legislation in the teeth of opposition from Democrats. The bill now goes to US Senate, where Republicans have a 53-47 majority, but at least half-dozen GOP senators are opposed to the legislation in its present form unless it includes major spending cuts. Senator Rand Paul, the most vocal among them, and aligned with Elon Musk, was subjected to a withering attack on Tuesday from Trump, who tweeted: "Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!). The people of Kentucky can't stand him. This is a BIG GROWTH BILL!" But till at the time of writing, Trump had held fire against Musk.
Time of India
an hour ago
- Time of India
Elon Musk takes aim at MAGA Republicans, says GOP lawmakers who backed spending bill should be fired
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Elon Musk is now fighting with MAGA Republicans and says lawmakers who voted for a huge spending bill should be fired in the next elections. Musk said these politicians 'betrayed the American people.' Many people thought Musk would blame Democrats, but he made it clear his anger is toward House Republicans who supported Donald Trump's spending bill, as per didn't name anyone, but House Speaker Mike Johnson responded right away. Johnson told reporters, 'My friend Elon is terribly wrong about the one Big Beautiful Bill.' Musk posted that the spending bill is 'outrageous,' 'pork-filled,' and a 'disgusting abomination.' He warned the bill would raise the U.S. budget deficit to $2.5 trillion and cause unsustainable debt for wrote, 'Shame on those who voted for it, you know you did wrong.' He reposted a message criticizing Republicans for spending millions on hotels in Ukraine, not cutting DOGE costs, taking lots of vacation time, and not making executive orders permanent. This showed clearly Musk was attacking the Republicans, not the Democrats. Musk recently left his position at the Department of Government Efficiency, according to The Daily Beast had promised to cut $2 trillion from the budget but only saved $180 billion, which experts say might even be an exaggeration. Even Trump was confused about how little Musk achieved in DOGE and reportedly asked his advisors, 'Was it all bullshit?', as per the Wall Street Journal year, Musk donated over $250 million to help Trump win the election. Just last week, Trump and Musk did a strange press event together at the White House. Musk had a black eye, and Trump gave him a giant ceremonial key. White House Press Secretary Karoline Leavitt said the president knows Musk's opinion but still supports the bill and called it 'one big beautiful bill.'Not just Musk, some Republicans also hate the bill. Rep. Thomas Massie, a Republican from Kentucky, reposted Musk's criticism and said, 'He's right.' Senator Rand Paul agreed too. He said he and Musk have seen massive waste in government spending and that adding $5 trillion more debt is a big mistake, stated in The Daily Beast they supported a big spending bill he believes will increase hasn't reacted directly, but still supports the bill and appeared with Musk recently.
