Tesla, a leading American company specialising in electric vehicles (EVs), has reportedly approached numerous executive search firms months ago to find a successor to CEO Elon Musk.
According to reports, Tesla has experienced declining sales and profits, while investor concerns have grown over Musk’s role in the US Department of Government Efficiency (DoGE), where he has spearheaded federal job reduction efforts.
Elon Musk last month vowed to “significantly” cut back from his work in DOGE from May to working a day or two per week, he informed investors on a conference call, Reuters had reported.
His 130-day appointment as a special government employee under the Trump administration is scheduled to conclude in late May. DoGE is an advisory body established by President Donald Trump to reduce federal spending and streamline government operations.
However, it remains unclear whether Musk, also a member of the Tesla board, was aware of succession planning.
His political involvement has sparked global outrage and boycotts against Tesla's cars. In February, in an appearance at the White House, the tech billionaire denied leading a "hostile takeover" of the US government. “The people voted for major government reform, and that's what the people are going to get. That's what democracy is all about,” he had said.
His political involvement has sparked global outrage and boycotts against Tesla's cars. In February, in an appearance at the White House, the tech billionaire denied leading a "hostile takeover" of the US government. “The people voted for major government reform, and that's what the people are going to get. That's what democracy is all about,” he had said.
Headquartered in Austin (Texas), Tesla has manufacturing facilities across the globe. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla saw Elon Musk join as a major investor in 2004. He became CEO in 2008.
Last month, Tesla stated that sales had dropped to their lowest level in three years and alerted investors that "changing political sentiment" could continue to hurt demand.
Tesla had an all-time valuation high of $1.5 trillion on December 17. However, within less than three months, the company's stock price dropped by 45%.
