Tesla CEO Elon Musk will walk to US President Donald Trump (not pictured) on March 22, 2025, to board US President Donald Trump (not pictured) as he departs from Morristown Municipal Airport in Morristown, New Jersey for Philadelphia, Pennsylvania.
Nathan Howard | Reuters
Tesla’s shares were flat in indoor trading on Thursday after the EV maker refused to report the Wall Street Journal.
The report said Tesla board members reached out to several executive search companies to work on a formal process to find the company’s next CEO, citing comments from sources familiar with the discussion. Tesla’s stock fell by 3% in overnight trading on trading platform Robinhood following the news before cutting losses.
Tesla Chairman Robin Denholm wrote on social media platform X that the report was “absolutely wrong.”
“Today there was an incorrect media report in which the Tesla Committee incorrectly claimed it had contacted the recruitment company to start a CEO search in the company,” she wrote.
“This is absolutely wrong (and this was communicated to the media before the report was released). Tesla’s CEO is Elon Musk, and the board is extremely confident in its ability to continue its exciting growth plans.”
Topline and bottomline estimates for the first quarter after a sharp decline in sales and profits from the electric car giant. Musk admits that his involvement with the Trump administration may be hurting the automaker’s stock price.
The Mega Billionaire said last week in a Tesla revenue call that it plans to spend “a day, two or two” running the so-called government efficiency office that will begin in May.
Tesla stocks
Tesla’s total revenues fell 9% year-on-year, reaching $19.34 billion in the January-March quarter. This is not close to analysts’ forecast of $211.1 billion, LSEG data shows.
Revenue from the automotive segment fell 20% year-on-year to $14 billion as the line had to be updated at four vehicle factories to begin creating an updated version of the popular Model Y SUV. Tesla also considered a decline in average selling prices and sales incentives as a resistance to revenue and profits.
That net profit plummeted at 71% to $409 million, or 12 cents per share, from $1.39 billion or 41 cents a year ago.
Since the beginning of the year, its stock has plummeted more than 30%.
– CNBC’s Danmangan and Laura Korodney contributed to this report.
