(NewsNation) — Tesla has refuted claims that it considered replacing the billionaire at its helm, Elon Musk, calling the report “absolutely false.”
“The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead,” Tesla chair Robyn Denholm said in a statement posted on social media platform X, which is owned by Musk.
The company‘s statement follows a Wall Street Journal report claiming that, in March, Tesla board members reached out to executive search firms to find a replacement for Musk.
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Citing mounting tensions, poor company performance and Musk’s focus on the White House, board members reportedly told him to shift focus back to Tesla — to no pushback, the Journal reported.
Tesla said it “communicated to the media” that the reports were unsubstantiated prior to publication.
President Donald Trump and Tesla CEO Elon Musk speak to reporters as they sit in a Tesla vehicle on the South Lawn of the White House on March 11 in Washington. (Pool via AP)
In late April, Musk announced he would be devoting more time to his company and stepping away from the Department of Government Efficiency.
Musk’s decision followed reports that Tesla’s quarterly profits dropped by more than 70% year over year. The company’s quarterly profits were at their lowest point since 2021, and revenue dropped 9%.
On Wednesday, Musk reflected on the $160 billion he estimates DOGE has cut from federal spending — a far cry from the task force’s $1 trillion goal.
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“In the grand scheme of things, I think we’ve been effective. Not as effective as I’d like. I think we could be more effective,” Musk said. “But we’ve made progress.”
He was vague when asked about the future of his role in the White House.
When asked if he would retain the title of senior adviser to the president, he responded, “I guess.”
When questioned about who will lead DOGE upon his exit, Musk said only: “DOGE is a way of life. Like Buddhism.”
