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Tesla Chairman Robin Denholm has denied reports that he is trying to replace CEO Elon Musk in response to a surge in sales and a widespread backlash against his alliance with US President Donald Trump.
“There was a media report that today incorrectly claims that the Tesla Committee contacted the recruitment company and launched a CEO search at the company,” Denholm said in a post on the electric car maker’s account of social media platform X early Thursday morning.
“This is absolutely wrong. Tesla’s CEO is Elon Musk, and the board is extremely confident in its ability to continue to execute with an exciting growth plan.”
She was responding to a story published a day ago in the Wall Street Journal. This said the board contacted the headhunter to recruit a successor after he was worried about his time in Washington.
Tesla has been shaken by mask political activity and advocated for conservative causes around the world, garnering sales in some of its most important markets, sparking protests with vandalism of its dealership and its cars.
First quarter profits at the automaker plummeted 71%, even the most pessimistic expectations, with Tesla losing its crown as the world’s largest EV maker of Chinese rival BYD. The stock has dropped 30% since the start of the year, wiping off more than $800 million from the market valuation
Last week, Musk succumbed to investor pressure and pledged to “significantly” reduce his job as head of the so-called DOGE (DOGE).
Musk, the world’s wealthiest man, divides time between corporate conglomerates, including social media platform X. He recently merged with artificial intelligence companies Xai, SpaceX and Neuralink.
Musk, whose candid nature led to clashes with members of Trump’s cabinet, has since left his office largely empty near the White House, advised remotely, according to anyone familiar with the matter.
Trump’s Chief of Staff Susie Wills told the New York Post Wednesday that Musk was “not physically there (at the White House), but that’s really not important.”
