Concerns about Tesla’s plunging stock prompted board members to hunt for a successor to CEO Elon Musk, according to the Wall Street Journal.

The billionaire recently responded to an article published by the Wall Street Journal, stating Tesla is looking to replace him.

Elon Musk has called the Wall Street Journal report a "deliberately false article" and an "extremely bad breach of ethics."

Tesla has hit back following a Wall Street Journal report that its board had initiated a search for a new CEO to replace Elon Musk, taking to Musk’s social platform X to call the claim “absolutely false.”

Tesla’s chair Robyn Denholm has rejected a Wall Street Journal report that the company’s board has begun a search process for a new CEO to replace Elon Musk.

Tesla's profit plummeted by 71% during the first three months of 2025. This decline was attributed to several factors, including a lack of new models, intense competition from Chinese carmakers, delayed product rollouts, and Musk's controversial support of conservative causes.

Before Tesla announced it's first-quarter earnings on April 22, its stock was down 44% on the year and shares plummeted 6% the day before. To say Q1 results fell well below Wall Street expectations

Gary Black is optimistic about Tesla's future. He believes Tesla will lead in electric vehicles and self-driving technology. Black notes Tesla's robotaxi launch in Austin. He expresses concern over Tesla's pricing strategy.