By NoriFtm – Binance Square Write to Earn
Tesla’s board of directors has reportedly initiated a formal search for a new CEO, signaling potential leadership changes at the electric vehicle giant. According to sources cited by The Wall Street Journal, the board has contacted top executive search firms following mounting concerns over Elon Musk’s prolonged absence and Tesla’s recent struggles.
Behind closed doors, directors urged Musk to increase his presence at Tesla, especially after the company reported a staggering 71% decline in first-quarter profits. Musk assured investors on the earnings call that he would dedicate “far more” time to the company starting next month. Yet, soon after, he was publicly praised by U.S. President Donald Trump, raising further questions about his priorities.
Tesla is grappling with its first year of declining car sales in over a decade. Aggressive price cuts have eroded profits, while the highly anticipated Cybertruck rollout faced delays and public ridicule. Once valued at $1.5 trillion after Trump’s reelection, Tesla’s market cap has since plunged to $900 billion.
Insiders say Musk has expressed fatigue with the CEO role, frustrated by financial setbacks and legal challenges to his compensation. Despite owning 13% of Tesla, Musk reportedly complained about not receiving pay for seven years. A new compensation committee has been formed to address executive pay.
As Musk spent more time in Washington, D.C., and at Mar-a-Lago, his physical absence from Tesla’s operations raised alarm. Employees initially welcomed the reduced micromanagement but grew concerned about the company’s direction. Reports suggest Tesla is shifting focus toward AI and robotics, positioning its Optimus robot and self-driving “Cybercab” as future growth drivers—though its core electric vehicle business faces mounting pressure.
The board is also seeking an independent director to bolster governance. Meanwhile, co-founder JB Straubel has been meeting with key investors to reassure them of Tesla’s stability. Still, with product delays and intensifying competition in autonomous vehicles, doubts remain about Tesla’s trajectory without Musk’s full attention.
As a Binance Square Write to Earn creator, I’ll be keeping an eye on how these developments impact Tesla’s market performance and broader EV industry trends. Stay tuned for more updates!
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