Tesla’s board of directors has begun searching for someone to replace CEO Elon Musk due to the company’s declining financial performance and tarnished public image. It is stated that this process started about a month ago.
Tesla is looking for a new CEO
According to the latest information, board members held one-on-one meetings with Musk and expressed their concerns about his lack of focus on Tesla. Musk was asked to make a statement that he would devote more time to the company.
The famous entrepreneur’s budget criticisms of the US government, his political contacts in Washington, and his closeness to Donald Trump negatively affected Tesla’s revenues. 2024 was the year that the company experienced its first annual sales loss in over a decade.
Tesla’s market value peaked at $1.5 trillion in December 2024. Being close to Trump during this period strengthened the impression that the company was adapting to the political climate. However, the company’s value quickly fell to $900 billion.
Elon Musk’s future at Tesla has become a key agenda item for both employees and investors. Musk, who has been the company’s CEO for nearly 20 years, currently serves on the board of directors.
No statement has been made by Musk on the subject. Serving as CEO at Tesla has long been a high-pressure job for Musk. Musk, who owns 13 percent of the company’s shares, has been working without a salary for the last seven years.
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