Tesla board of directors initiated a search for a new CEO to succeed Elon Musk after a rise in several concerns about Tesla’s deteriorating performance in the recent months
According to reports from the Wall Street Journal, the search was initiated a month ago, which has been intensified by a 4% price fall-over in overnight trading as shared by the brand.
The huge decline is believed to be a result of Tesla’s CEO Elon Musk’s commitment to the U.S. government, where he is serving as the head of DOGE. Several complaints started emerging after he joined the government, which people believe that has diverted some of his attention
Tesla Board members reached out to several executive search firms to help them launch a formal process for finding the next Chief Executive, according to the people who know the content of the discussion
According Wall Street Journal, Musk has been spending most of his time in Washington serving in the government at the expense of his role at Tesla. This has caused much tension at the company as sales are deteroriating each year.
Reportedly, the board of directors met with Musk a few months ago and told him to declare publicly that he’ll put more focus on Tesla and spend most of his time in the company, but Musk failed to comply.
” I will soon pivot back my concentration and time to Tesla.” Musk told investors last week, after the company’s first quarter had plunged 71%
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