According to a new report, about a month ago, Tesla’s board began a search for a successor to Elon Musk as CEO, as the company's stock took a hit and critics predictably pounced.
The Wall Street Journal reports that behind the scenes, Tesla board members quietly began contacting executive search firms to initiate a formal process for finding Musk’s potential successor, according to sources familiar with the matter.
“Around that time, Tesla’s board met with Musk for an update. Board members told him he needed to spend more time on Tesla, according to people familiar with the meeting,” the paper reported Wednesday evening. “And he needed to say so publicly.”
Last week, after the company said its first-quarter profit had plunged 71%, Musk told investors he would soon pivot back to his job at Tesla.
“Starting next month,” he said on a conference call about earnings, “I’ll be allocating far more of my time to Tesla.”
The board narrowed its focus to a major search firm, according to the people familiar with the discussions. The current status of the succession planning couldn’t be determined. It is also unclear if Musk, himself a Tesla board member, was aware of the effort, or if his pledge to spend more time at Tesla has affected succession planning. Musk didn’t respond to requests for comment.
During a cabinet meeting on Wednesday, Trump thanked Musk for his government work. “You know you’re invited to stay as long as you want,” Trump said. “I guess he wants to get back home to his cars.”
So, it’s not clear whether Musk’s renewed focus on Tesla will be enough to pause—or permanently shelve—the board’s quiet succession planning. But here’s what is clear: Without Musk’s relentless vision, the company wouldn’t be where it is today. Musk hasn't just led Tesla—he is Tesla. He took on the entrenched auto giants, defied Wall Street expectations, and built a brand that turned electric vehicles from a novelty into a global standard. The Tesla Model Y was the best-selling car in the world last year. Not only was it the best-selling electric car, but it was also the best-selling car overall.
Related: Bombshell Study Reveals How Many Leftists Support Killing Trump and Musk
There’s no sugarcoating what his exit would mean. This wouldn’t be a routine CEO transition. It would be a seismic shift. Musk’s departure would hit Tesla the same way Steve Jobs’ loss rocked Apple—deeply, painfully, and perhaps irreversibly. He’s not just a figurehead or a product guy. He’s the motor behind the company’s innovation, the public face of its boldest ambitions, and the only person with the guts to take the kind of risks that made Tesla what it is.
You can’t replace that with a polished résumé and a safe pair of hands. The board can start flipping through search firm dossiers, but let’s be honest: There’s no next Elon Musk waiting in the wings. Not at Tesla, and not anywhere else.
Others know this, too.
I believe in what Musk has done with Tesla so much I just bought the new Model Y—which I hope to be picking up this weekend.
Would the board really be reckless enough to push Musk out? It’s hard to imagine. Since the board began exploring a succession plan about a month ago, Tesla’s stock has rebounded—thanks in part to signals that Musk is refocusing his attention on the company. In other words, they got exactly what they wanted: Musk doubling down on Tesla.
That alone suggests the board understands just how critical he is. And if there was any doubt left, the market erased it. Tesla’s stock dipped sharply after the Wall Street Journal report surfaced, a clear sign investors see Musk as indispensable.
Tesla stock, $TSLA, falls over -4% in overnight trading as WSJ reports that the company’s board has begun a search for a CEO to succeed Elon Musk.
— The Market Matrix (@MarketMatrixs) May 1, 2025
True or not, I believe replacing Elon Musk would be a horrible move.
No offical statement from Tesla yet.
What do you think…? pic.twitter.com/a9zOxI92kr
So, let’s see what happens. Perhaps the board was just trying to nudge Musk back to the company.
UPDATE 1 May 2025, 8 a.m.: Tesla issued a statement that the report is false.
Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.
— Tesla (@Tesla) May 1, 2025
This is absolutely false (and this was communicated to the media before the report was published).
The CEO of Tesla is…
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