Unique Crypto Strategies
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Unique Crypto Strategies

Business

Tesla denies report it’s looking to replace Elon Musk

by May 2, 2025
May 2, 2025
Tesla denies report it’s looking to replace Elon Musk

Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk.

The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a formal process for finding the company’s next CEO. Shares of Tesla fell as much as 3% in overnight trading on trading platform Robinhood following the news, before paring losses.

Tesla chair Robyn Denholm wrote on the social media platform X that the report was “absolutely 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,” she wrote.

Elon Musk during a Cabinet meeting at the White House on Wednesday.Evan Vucci / AP

“This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

It comes after a sharp drop in the electric vehicle giant’s sales and profits, with its top and bottom lines missing estimates in the first quarter. Musk has admitted that his involvement with the Trump administration could be hurting the automaker’s stock price.

The mega-billionaire said on a Tesla earnings call last week that he plans to spend just a “day or two per week” running the so-called Department of Government Efficiency beginning in May.

Tesla’s total revenue slipped 9% year-on-year to hit $19.34 billion in the January-March quarter. This falls short of the $21.11 billion forecast by analysts, LSEG data shows.

Revenue from its automotive segment declined 20% year-on-year to $14 billion, as the company needed to update lines at its four vehicle factories to start making a refreshed version of its popular Model Y SUV. Tesla also attributed the decline to lower average selling prices and sales incentives as a drag on revenue and profit.

Its net income plunged 71% to $409 million, or 12 cents a share, from $1.39 billion or 41 cents a year ago.

Since the start of the year, its shares have plunged over 30%.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
AOC draws spotlight with Queens town hall as 2028 White House talk swirls
next post
Data center boom in world’s largest market isn’t slowing down, Dominion Energy says

You may also like

Nissan could face cost-cutting ‘carnage’ in Honda merger,...

DOJ sues Walgreens, alleging it ‘knowingly’ filled millions...

SEC dropping crypto lawsuit, Coinbase says

As retailers drop DEI programs, Black founders could...

Nvidia loses nearly $600 billion in market value...

U.S. lawmakers move to ban China’s DeepSeek from...

A man once sued by the SEC wins...

Klarna lands buy now, pay later deal with...

How Trump could spare Biden’s renewable energy credits...

Fortnite applies to launch on Apple’s App Store...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Trump unleashes US nuclear renaissance with bold executive orders

    • A Gaza doctor went to work to save lives. Hours later, her children’s burned bodies arrived

    • Trump admin steps up overhaul of National Security Council, weeks after Waltz’s departure

    • Part of southern France suffers power cut with Cannes festival also impacted

    • Israel is facing unprecedented pressure from allies over its war on Gaza. Can they force it to change its ways?

    Categories

    • Business (469)
    • Investing (2,199)
    • Politics (3,637)
    • Uncategorized (1)
    • World (2,338)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: uniquecryptostrategies.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 uniquecryptostrategies.com | All Rights Reserved


    Back To Top