#StablecoinPayments Tesla's board begins process to remove Elon Musk from CEO position

Tesla's board of directors has begun the process of replacing Elon Musk as CEO, following a month of internal pressure and public backlash regarding his continued absence from the company.

This comes as sales decline, profits plummet, and investors grow impatient with Elon’s obsession with the White House. Board members have reached out to several top recruiting firms to officially start the search for a new CEO, according to The Wall Street Journal.

Meetings are taking place behind the scenes. In one of them, directors told Elon that he must spend more time at Tesla and that he should publicly state this. Elon did not argue. The company recently announced a 71% drop in first-quarter profits.

Elon told shareholders during the earnings call, "Beginning next month, I will spend more time at Tesla." A few days later, President Donald Trump thanked Elon during a cabinet meeting. "You know you're invited to stay as long as you like," Trump said. "I guess he wants to go home to his cars."