Reports surfaced on May 1, 2025, indicating that Tesla's board members had initiated a search for Elon Musk's successor as CEO, citing concerns over his divided attention between Tesla and his role in Donald Trump's administration as head of the Department of Government Efficiency (DOGE). These reports also highlighted a decline in Tesla's stock value and investor apprehension.
However, Tesla Chair Robyn Denholm refuted these claims, asserting the board's confidence in Musk's leadership. Denholm labeled the reports as "absolutely false" and affirmed Musk's commitment to executing Tesla's growth plans. This denial followed a Wall Street Journal report detailing the board's alleged outreach to executive search firms.
Musk's involvement with DOGE has drawn both support and criticism. While President Trump has publicly supported Musk's contributions to government efficiency, concerns have arisen regarding potential conflicts of interest and the impact on Tesla's performance. Recent data indicates a notable decrease in Musk's net worth and Tesla's market capitalization, although sources vary on the exact figures. Musk himself has stated his intention to dedicate more time to Tesla starting in May 2025.