Tesla Board Looks to Replace Elon Musk Amid Falling Profits and Stocks

Elon Musk, the CEO of Tesla, might be replaced soon. Reports say the Tesla board is looking for a new leader as they feel Musk’s attention is split because he is now also working with the White House. This comes as Tesla’s stock prices are dropping, and sales aren’t doing well.

Musk, who supported Donald Trump during his campaign, has a new job in Washington. He is helping run a department called DOGE, which is focused on making the government work better and cut spending.

The board has reached out to executive search firms to find someone who could take over for Musk, but it is unclear how far along this search is. It is also unknown if Musk, who is part of the board, knows about the plan to replace him.

Tesla’s first-quarter profits have taken a big hit, falling by 71% this year. After this news, Musk told investors he would spend more time at Tesla. “Starting next month, I’ll be allocating far more of my time to Tesla,” he said during a call to discuss company earnings.