Rattled by declining profits and sinking stock prices, Tesla’s board has begun quietly seeking out a successor to CEO Elon Musk, according to a new report in the Wall Street Journal.
The move, which began about a month ago, comes amid investor frustration over Musk’s increasing focus on his job as head of President Donald Trump’s Department of Government Efficiency, which is tasked with slashing trillions from the federal budget.
According to the Journal, as sales and profits sank, board members told Musk he needed to devote more time at Tesla – “and he needed to say so publicly.”
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Musk didn’t push back, the Journal reported Wednesday. The tech billionaire attributed the national backlash against Tesla to his work with DOGE, the report added.
“The real reason for the protests, the actual reason, is that is those receiving the waste and fraud wish to continue receiving it,” Musk told investors. “That is the real thing that’s going on here, obviously.”