Friday, May 2, 2025 - The Tesla board has reportedly made a move to oust Elon Musk amid plunging stock prices and negative press from his controversial moves in the Trump administration.
The electric car company opened a search to find a new
leader after Musk spent the past two decades as CEO, according to
The Wall Street Journal.
The revelation came as Donald Trump praised Musk
for his work with DOGE but said he may want 'to get back home to his
cars.'
Musk had been asked by the board to make the public
statement promising he would head back to his day job or face losing it.
The CEO did not push back and announced he would be devoting
'far more of my time to Tesla.'
The electric car maker sought the advice of multiple
executive search firms to begin the process of succeeding Musk.
The automaker's first-quarter profits cratered 71 percent,
with the EV giant pulling in $409 million compared to $1.4 billion during the
same stretch last year.
The company's stock price has shed nearly 40 percent of its
value since January (though, it has regained some momentum after the earnings
release) when Musk started serving as head of the Department of Government
Efficiency (DOGE) and being spotted everywhere with Donald Trump.
Tesla's first-quarter earnings conference call allowed
investors to ask what they wanted of the CEO and it was clear there was only
one thing on their minds.
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