Tesla Board Initiates CEO Transition Amid Financial Turmoil

BTCC / BTCC Square / Global Cryptocurrency /

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2025-05-01 03:26:02

Tesla’s board has begun the process of replacing Elon Musk as CEO following a disastrous first-quarter earnings report. The company reported a 71% profit collapse as sales declined sharply, triggering investor frustration with Musk’s political engagements. Directors have reportedly engaged executive search firms to identify potential successors.

Behind closed doors, board members confronted Musk about his divided attention. "Starting next month, I’ll be allocating far more of my time to Tesla," Musk conceded during the earnings call. The pledge came as President Trump publicly acknowledged Musk’s White House visits, quipping about his desire to "get back home to his cars."

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