Tesla Looks For New CEO As Elon Musk Focuses On Politics: Report

Tesla's board is actively considering a leadership transition as early as March this year, according to a report. This comes at the heels of a sharp decline in the electric vehicle maker's stock and mounting investor unease over CEO Elon Musk's increasing involvement in political affairs, The Wall Street Journal reported on April 30, citing sources familiar with the matter.

The board's concerns were reportedly triggered by Musk's deepening engagement with the Donald Trump administration, where he has taken a leading role in the White House's Department of Government Efficiency (DOGE). While discussions around succession plans are serious, the progress remains unclear, the report added.

Tesla's stock has seen a turbulent year, plunging as much as 45 per cent before showing some recovery alongside broader market gains, according to a CNN report. The prolonged slump in share price appears to have tested the patience of board members, particularly as Musk devoted increasing time to government duties rather than core business operations, CNN reported.