Tesla Denies CEO Search Amid 71% Earnings Drop, Trump Backs Musk

Tesla Inc.'s board of directors has firmly denied reports suggesting they were seeking a replacement for CEO Elon Musk. Tesla Chair Robyn Denholm responded to a Wall Street Journal report claiming that the board had begun searching for a new CEO due to concerns over Musk's focus on Tesla amidst his involvement with the Department of Government Efficiency (DOGE) and a challenging first quarter for the company.

Denholm stated, 'The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the growth plan ahead.' This statement was issued in response to the Wall Street Journal's report, which Tesla claims was known to be false before publication. Tesla reported a 71% drop in earnings and a 9% fall in revenue for the first quarter of 2025.

Musk himself criticized the Wall Street Journal's report as unethical and false, using his platform X to voice his disagreement. Amidst this controversy, Tesla's stock value has dropped significantly, and President Donald Trump has publicly supported Musk, stating he has been 'treated unfairly' but remains a 'tremendous help.'