Is Tesla board contacting recruitment firms to find CEO Elon Musk’s replacement?

Things are getting more and more serious at Tesla. Earlier today, one media report claimed that Tesla Board had contacted recruitment firms to initiate a CEO search at the company. Billionaire Elon Musk is the current holder of that key position.

The company noted in a statement on X: “This is absolutely false … the Board is highly confident in [Musk’s] ability.” Musk has also put a post about the media report, calling it an “extremely bad breach of ethics.”

It has been reported that Elon Musk’s current dual focus on Donald Trump’s administration and declining Tesla profits triggered the decision. Tesla Board members allegedly asked him to return his focus to the company earlier this year.

During a recent earnings call, Musk noted: “Starting this month, I’ll be allocating far more of my time to Tesla.” The media report started doing the rounds online. But later on, both Tesla and Musk shared statements on the actual situation.