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Tesla's board chair, Robyn Denholm, has refuted claims that the company considered replacing Elon Musk as CEO amid a stock price decline and brand crisis linked to his involvement with DOGE. Despite reports of board members seeking a new CEO, Denholm expressed strong confidence in Musk's leadership, especially after he announced plans to focus more on Tesla. The automaker is facing challenges, including a significant drop in sales and increased competition, particularly from BYD in the EV market.
Elon Musk has criticized the Wall Street Journal for its report on CEO succession plans at Tesla, labeling the claims as unfounded. In response, Tesla has officially denied the allegations, reaffirming its leadership structure amidst speculation.
Tesla has denied a report claiming its board sought to replace Elon Musk as CEO amid declining sales and backlash against his political activities. Chair Robyn Denholm stated the report was false, affirming Musk's leadership and the board's confidence in his ability to drive growth. The denial follows a Wall Street Journal article suggesting board members had contacted headhunters for a successor, raising concerns about Musk's divided attention among his various ventures.
Tesla has denied reports of searching for a successor to Elon Musk amid declining sales and investor criticism linked to his political involvement. The board expressed confidence in Musk's leadership, despite a significant drop in Tesla's share price and ongoing protests against the company. Sales in France plummeted 59.4% year-on-year in April, marking a continued downward trend.
Tesla's chair, Robyn Denholm, refuted claims that the company was searching for a new CEO, stating that the report was false and had been communicated to the media prior to publication. She affirmed that Elon Musk remains the CEO, following suggestions from the board for him to publicly commit more time to Tesla. Musk indicated during a recent earnings call that he would be dedicating more of his time to the company.
Tesla's board has reportedly initiated a search for a successor to CEO Elon Musk, reaching out to executive search firms. Long-time investor Ross Gerber suggested this move could provide Musk with an opportunity to step back and concentrate more on AI developments.
UBS has maintained a "Sell" rating for Tesla, setting a price target of $190, amid reports of a potential search for a successor to Elon Musk. Analyst Joseph Spak emphasized the strong connection between Musk and Tesla, noting that a succession plan is crucial for investors, as replacing Musk would mark a significant turning point for the company.
Elon Musk and Tesla's chair, Robyn Denholm, have strongly denied a Wall Street Journal report claiming the board is searching for a new CEO. Denholm labeled the report as "absolutely false," asserting confidence in Musk's leadership amid declining sales and public scrutiny. Analysts suggest the board's actions may serve as a warning, but they believe Musk will remain CEO for the foreseeable future.
Prominent Tesla investor Ross Gerber has reacted to a report suggesting that Tesla's board sought executive placement firms to find a new CEO to replace Elon Musk. In response, Tesla's board chair labeled the report as "absolutely false," affirming Musk's position and the board's confidence in his leadership for the company's growth plans.
Tesla shares experienced a decline following reports that the company's board is actively seeking a new CEO to succeed Elon Musk. This development has raised concerns among investors about the future leadership of the electric vehicle manufacturer.
Tesla, Inc.
Companies
| Symbol | TSLA |
| Name | Tesla, Inc. |
| Currency | USD |
| Sector | Consumer Discretionary |
| IndustryGroup | Automobiles & Components |
| Industry | Automobiles |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | Palo Alto |
| Zipcode | 94304 |
| Website | http://www.tesla.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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