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Elon Musk reacted angrily to a report claiming Tesla's board is seeking a new CEO, labeling it a "deliberately false article." Tesla's chair, Robyn Denholm, denied the report, asserting confidence in Musk's leadership despite a significant 71% drop in profits attributed to his ties with the Trump administration.
Tesla's Board has denied reports of seeking a new CEO, expressing confidence in Elon Musk despite a 30% drop in shares this year, attributed to his focus on Dogecoin. General Motors has cut its profit forecast by up to $5 billion due to auto tariffs, while McDonald's faces a 3.6% decline in same-store sales, the worst since the pandemic, as cautious consumer spending impacts performance.
Tesla and CEO Elon Musk have denied a Wall Street Journal report claiming the company is searching for a new CEO, labeling it a "deliberately false article." Board chair Robyn Denholm emphasized the board's confidence in Musk's leadership amid recent financial struggles, including a significant drop in revenue and net income. Despite a challenging market and Musk's divided focus due to political commitments, the board has no plans to seek a successor.
Elon Musk has vehemently denied reports suggesting he might be replaced as Tesla's CEO, calling the Wall Street Journal's article a "deliberately false" breach of ethics. Amid declining sales and revenue, Musk reassured investors of his commitment to Tesla, stating he would focus more on the company while addressing concerns over tariffs and protests. Tesla's board expressed confidence in Musk's leadership, affirming he will remain at the helm for the foreseeable future.
Tesla Chair Robyn Denholm refuted claims that the board is seeking a new CEO to replace Elon Musk, stating that no recruitment firms have been contacted. This comes amid reports of Musk needing to dedicate more time to Tesla following a decline in sales and backlash over his political involvement. Denholm expressed confidence in Musk's leadership as he plans to focus more on the company, which has seen a 24% stock surge since his announcement.
Tesla's board chair, Robyn Denholm, has firmly denied reports suggesting the company is seeking to replace Elon Musk as CEO, calling the claims "absolutely false." Musk also criticized the Wall Street Journal for publishing the article without including the board's denial. He emphasized his commitment to Tesla's growth plans while noting his reduced involvement in the Department of Government Efficiency starting in May.
Tesla's board has confirmed it is not seeking to replace Elon Musk, despite concerns over corporate governance. Musk's multifaceted roles and ambitious targets have not deterred investors, as Tesla's market value significantly exceeds its projected earnings, largely due to Musk's influence and the enthusiasm of retail traders. The company's governance practices diverge from traditional norms, reflecting a unique market position where Musk's presence is deemed invaluable.
Elon Musk plans to reduce his involvement in government affairs to refocus on Tesla, which has seen its stock drop 30% this year and reported disappointing first-quarter results with the lowest deliveries since 2022. The company faces significant challenges, including a struggling core EV business, with sales in Europe plummeting nearly 50% year-over-year and increased competition from rivals like BYD and Slate Auto. Tesla has not provided updated guidance for its auto business, citing concerns over tariffs and future growth.
Tesla has firmly denied reports of a plan to oust CEO Elon Musk, calling the claims "absolutely false." This comes after the company faced a 71% drop in net profit in Q1 and suspended its full-year guidance, while Musk reassured investors about demand for its EVs despite a 13% sales decline. The board has established a Special Committee to address compensation matters involving Musk, indicating he remains in charge amid tensions with the board.
Finding a successor to Tesla's CEO Elon Musk who can engage investors with the same charisma is a significant challenge, according to UBS. The financial firm emphasizes that replicating Musk's unique ability to captivate stakeholders will be a daunting task for any potential candidate.
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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