Report: Tesla Board Seeks New CEO; Elon Musk Under Pressure Over White House Focus

Amid persistent decline in Tesla stock’s value and investor’s discontentment on Elon Musk’s heightened focus towards White House affairs, board members reached out to various executive search firms to look for Musk’s successor last month, Wall Street Journal reported.

As the board’s pressure aggravated, Elon Musk said that he will slash his time spent in Washington and will focus on spending more time in running the company as Tesla faced heavy backlash in the US equity markets. This comes on the backdrop of rising protests across America on the back of Trump’s controversial decisions in federal administration.

Previously, US President Donald Trump appointed Elon Musk to lead the Department of Government Efficiency (DOGE). However, the move was not well received among investors, as the initiative was aimed at cutting federal jobs and slash funding of organisations. And, since then, Musk remained away from Tesla and indulged more in White House activities, leading to decline in sales.

However, it’s not known whether Musk, who himself is a member of the board, was aware of such developments while being caught up with President Trump’s administration.