Tesla Denies Reports Of Seeking To Replace CEO Elon Musk Amid Falling Sales, Profits

Tesla strongly denied reports that it is searching for a new CEO to replace Elon Musk, with Board Chair Robyn Denholm calling the claims “absolutely false.”
The denial follows a media report alleging the board contacted recruitment firms, which Tesla refuted even before the story went public.
Tesla’s recent financial results showed a 9% revenue decline year-over-year, a 20% drop in automotive revenue, and a 71% plunge in net income, raising investor concerns.
Elon Musk acknowledged that his reduced focus on Tesla, due to his new government duties, may be impacting the company’s stock, which has dropped over 30% this year.