Elon Musk has not been silent. The CEO of Tesla criticized The Wall Street Journal (WSJ) for publishing an article he called "deliberately misleading" claiming that Tesla's board was looking to replace him as CEO.

In a scathing post on X, Musk called it a "SERIOUS ETHICAL VIOLATION", accusing the WSJ of ignoring a direct denial from Tesla's board. The report suggested that concerns over Musk's political involvement and distraction among his projects prompted the board to seek a new CEO.

Tesla's board chair, Robyn Denholm, wasted no time in responding. Posting from Tesla's official X account, she clearly stated that the board has not contacted any recruiters and fully supports Musk's leadership.

Why is this report being published at this time?

The WSJ report was published just as Musk faces new criticisms regarding his political ties – specifically his advisory role at Donald Trump's Office of Government Efficiency (DOGE).

Critics argue that Musk's involvement in the Trump administration has harmed Tesla's image, especially in international markets.

Meanwhile, Tesla's Q1 figures do not help this narrative:

  • Profits down 71% in the first quarter

  • Market value has dropped by over $800 billion since the beginning of the year

Tesla remains optimistic about Bitcoin

Despite the tough earnings, Tesla has not sold its Bitcoin. The cryptocurrency held by the company has decreased from $1.076 billion to $951 million in Q1 2025, in line with Bitcoin's price drop of 11.56% to $82,514.

Cryptocurrency leaders join in the backlash

Musk is not the only one criticizing the WSJ. Many prominent names in the cryptocurrency field have also done so.

On April 12, former Binance CEO, Changpeng Zhao (CZ), criticized a WSJ report claiming that he agreed to testify against Justin Sun of Tron as part of a deal with the DOJ.

"The WSJ is really TRYING HERE. They seem to have forgotten who went to jail and who didn't," Zhao wrote in his April 12 post on X. "Those who become government witnesses don't go to jail. They are protected. I've heard that someone is paying WSJ staff to defame me."

And this is not new. Back in March 2023, Tether also rejected a WSJ article accusing them of using fake documents and shell companies to maintain banking access. Tether called these claims "old-fashioned", "inaccurate", and "misleading."

It's bigger than Elon

This issue is not limited to just one headline. Musk and major cryptocurrency players are strongly opposing what they call biased, politically motivated reporting by traditional financial media.

With Musk currently balancing Tesla, SpaceX, Neuralink, and the newly merged X and xAI – while still advising DOGE remotely – scrutiny is tighter than ever.

But currently, the message from Tesla's board is very clear: Musk remains in control.