• World News
  • Politics
  • Stock
  • Investing
  • Editor’s Pick
Time And Sales Reporter
Editor's Pick

Tesla denies report that the EV maker is looking to replace Elon Musk

by admin May 2, 2025
May 2, 2025

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

previous post
The Hidden Meaning Behind the Tech Sector’s Rally (And How to Spot It)
next post
Trump-Bezos call sets stage for tense earnings report from Amazon

Related Posts

Burger King targets families through movie partnerships in...

May 23, 2025

Armenian organized crime rings charged with stealing $83...

May 23, 2025

How UnitedHealthcare became the face of America’s health...

May 23, 2025

Target calls price hikes a ‘very last resort’...

May 22, 2025

A man once sued by the SEC wins...

May 22, 2025

Fanatics will host a skills challenge between fans...

May 22, 2025







    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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




    Recent Posts

    • Armenian organized crime rings charged with stealing $83 million in Amazon cargo

      May 23, 2025
    • Burger King targets families through movie partnerships in latest stage of turnaround

      May 23, 2025
    • How UnitedHealthcare became the face of America’s health insurance frustrations

      May 23, 2025
    • MACD + ADX: Spot the Pullbacks Worth Trading

      May 23, 2025
    • S&P 500 Slide Explained: What Past Price Action Reveals About Market Dips

      May 23, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 timeandsalesreporter.com | All Rights Reserved

    Time And Sales Reporter
    • World News
    • Politics
    • Stock
    • Investing
    • Editor’s Pick

    Read alsox

    Worried About Declining Marriage Rates? Our Ancestors May...

    February 14, 2025

    Public Schooling, Trump, and the “Book Ban Hoax”

    January 28, 2025

    Temu slashes U.S. ad spending, plummets in App...

    April 17, 2025