Tesla looking to replace Elon Musk as CEO amid declining profits: WSJ

30 April

Tesla CEO Elon Musk wears a 'Trump Was Right About Everything!' hat while attending a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025. REUTERS/Carlos Barria/File Photo/File Photo

South African centibillionaire Elon Musk may soon be replaced as CEO of Tesla after nearly 20 years, according to a new report.

The Wall Street Journal reported Wednesday that the electric vehicle manufacturer's board is planning to hire a third-party firm to assist it in its search for a new chief executive as the company seeks to bring its plummeting sales numbers up in the second quarter of 2025. The announcement comes after Musk made his departure from the White House, having led President Donald Trump's efforts to slash federal agency budgets and fire thousands of public employees.

Musk's imminent replacement as CEO also comes on the heels of an earnings call last week in which Tesla said its first-quarter profits for 2025 were down approximately 71% compared to the first three months of last year. On the call, a company representative acknowledged that Tesla's brand had been impacted by Musk's work with the Trump administration.

Following the earnings call, Musk promised that he would spent the bulk of his time with Tesla, after the company saw its stock drop by nearly 50% since he joined the White House as a special government employee. But should Tesla replace him as CEO, it would mark the most significant change in the company's leadership structure since he stepped down as chairman in 2018.

Click here to read the Wall Street Journal's full report (subscription required).

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