Was the world’s most talked-about CEO really at risk of being booted from his own company? Was Elon Musk about to be ousted from Tesla’s top seat? And where do things stand now?
If you're wondering why we’re even asking these questions — here’s the headline that made waves: Tesla Board Opened Search for a CEO to Succeed Elon Musk. That’s straight from the Wall Street Journal. According to the report, which cites unnamed sources, Tesla’s board began the process to replace Musk back in March.
They reportedly contacted several executive placement firms to kick off the CEO search. This drastic step came as Tesla’s stock went into a nosedive. From a 52-week high of 489 dollars, the share price nearly halved — dropping to 222 dollars by mid-March.
What made matters worse?
Musk’s growing preoccupation with Washington. His involvement with the Trump administration’s newly formed Department of Government Efficiency — yes, abbreviated as DOGE — was taking up most of his time, leaving less attention for Tesla and his other ventures.
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And it wasn’t just the stock price that suffered. Tesla’s overall performance slumped. First quarter earnings were down by a staggering 71 percent. But here’s the twist: when those disappointing numbers were released, Musk made a major announcement — He said he would step back from his role at DOGE and refocus his energy on Tesla.
So, what now?
Well, according to The Wall Street Journal, it’s still unclear whether the board’s push to replace Musk is ongoing — or if his renewed commitment has hit pause on that plan.
President Donald Trump during his Cabinet meeting said that Musk is invited to stay in his administration indefinitely as the billionaire is said to be preparing to return to focusing on his companies Tesla and SpaceX.
“You’re invited to stay as long as you want,” Trump said.
Trump said Musk had been “treated unfairly” for his role in helping Trump slash the size and scope of the federal government. “You really have sacrificed a lot.”
Musk’s net worth has dropped significantly, and sales of Tesla have fallen amid a public backlash to the Musk-led cuts through the Department of Government Efficiency.
