Cliff Notes – Tesla looking to replace Musk as CEO
- Tesla looking to replace Musk as CEO as the board have been approaching executive search firms from about a month ago.
- Musk’s net worth has declined significantly alongside falling Tesla stock, amid backlash over his political affiliations and management of the Department of Government Efficiency.
- The board’s succession planning remains uncertain, as it is unclear whether Musk is aware of these developments or how his commitment to spend more time at Tesla impacts the process.
Tesla looking to replace Musk as CEO
Tesla’s board members have reportedly started their search for someone to replace Elon Musk as CEO.
Several executive search firms were approached to find a successor around a month ago, the Wall Street Journal reported.
It said the current status of the succession planning for the electric car-maker wasn’t known.
Musk’s net worth has plunged and Tesla stocks have fallen sharply amid a public backlash over his role in Donald Trump’s government. He owns just under 13% of Tesla stock and is the largest shareholder.
The world’s richest man has been leading the Department of Government Efficiency (DOGE), where he has overseen the firing of tens of thousands of government employees.
He has also supported far-right parties in Europe, which has led to protests against Musk and Tesla, which have seen its showrooms and charging stations vandalised across the US and Europe.
Sources
Elon Musk takes hit as Europeans ditch X in droves – politico.eu
Musk and DOGE promised $2 trillion in savings., but government spending is up – The Independent
Exclusive | Tesla Board Opened Search for a CEO to Succeed Elon Musk – WSJ
Wall Street Journal: Tesla’s board began the process to replace Elon Musk as CEO – CNN
Tesla board denies launching search for Musk’s successor – FT
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