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Tesla’s board of directors has quietly initiated the process of finding a new CEO to replace Elon Musk, according to The Wall Street Journal. The move follows months of internal pressure and growing public concern over Musk’s noticeable absence from day-to-day operations at the electric vehicle company.
The decision comes at a critical time for Tesla: car sales have declined for the first time in over a decade, profits have plunged by 71% in the first quarter, and investors are growing increasingly frustrated with Musk’s apparent focus on politics rather than the company. Despite a recent promise to dedicate more time to Tesla, the board has already reached out to top executive search firms to explore potential replacements.
Internal Pressure and Declining Performance
Behind closed doors, Tesla board members have voiced concerns over Musk’s frequent absences and his growing political involvement. One recent meeting reportedly involved directors urging Musk to publicly commit more time to Tesla. He agreed, stating during an earnings call, “Starting next month, I’ll be allocating far more of my time to Tesla.” However, the impact of this statement remains unclear.
Musk’s political ties, particularly his involvement with former President Donald Trump, have drawn sharp criticism. Just days after Musk’s public commitment to Tesla, Trump publicly thanked him during a cabinet meeting, further fueling speculation about Musk’s shifting priorities.
Leadership Crisis and Market Volatility
Whether Musk is aware of the CEO search remains unknown. Company officials have yet to make any public statements, and Musk himself has not responded to inquiries. His two-decade leadership at Tesla could come to an end if the board chooses a successor.
The board is also looking to add a new independent director. Co-founder JB Straubel has been working to reassure large investors that Tesla is not in decline, but the numbers suggest otherwise. The rollout of the long-awaited Cybertruck has been rocky, and repeated price cuts have severely hurt profit margins.
Tesla’s valuation soared to $1.5 trillion following Trump’s reelection but has since dropped to $900 billion. Musk, overwhelmed and exhausted, reportedly told associates that he no longer wants to be CEO but fears no one else can drive Tesla’s mission forward.
Future of Tesla: Robots and AI?
Tesla appears to be pivoting toward artificial intelligence and robotics as its next growth frontier. Musk is now focused on projects like the Optimus humanoid robot and the upcoming autonomous “Cybercab.” However, critics say this shift has come at the expense of Tesla’s core electric vehicle business.
The long-promised affordable EV has been delayed. Instead, Tesla has released budget versions of existing models, including a facelifted Model Y. Meanwhile, the company claims it will launch a driverless ride-hailing service in Austin by June, going head-to-head with Waymo and Zoox.
Internally, employee morale is mixed. While some workers welcomed Musk’s absence due to his micromanagement style, many now feel the company has lost direction. Tesla leaders insist that Musk is still engaged, but his continued physical absence and silence have only deepened uncertainty.
Tesla’s future remains uncertain, but one thing is clear: the board is preparing for a leadership change that could mark the end of an era.
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