• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Tesla denies report it’s looking to replace Elon Musk

by May 2, 2025
written by May 2, 2025

Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk.

The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a formal process for finding the company’s next CEO. Shares of Tesla fell as much as 3% in overnight trading on trading platform Robinhood following the news, before paring losses.

Tesla chair Robyn Denholm wrote on the social media platform X that the report was “absolutely false.”

“Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company,” she wrote.

Elon Musk during a Cabinet meeting at the White House on Wednesday.Evan Vucci / AP

“This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

It comes after a sharp drop in the electric vehicle giant’s sales and profits, with its top and bottom lines missing estimates in the first quarter. Musk has admitted that his involvement with the Trump administration could be hurting the automaker’s stock price.

The mega-billionaire said on a Tesla earnings call last week that he plans to spend just a “day or two per week” running the so-called Department of Government Efficiency beginning in May.

Tesla’s total revenue slipped 9% year-on-year to hit $19.34 billion in the January-March quarter. This falls short of the $21.11 billion forecast by analysts, LSEG data shows.

Revenue from its automotive segment declined 20% year-on-year to $14 billion, as the company needed to update lines at its four vehicle factories to start making a refreshed version of its popular Model Y SUV. Tesla also attributed the decline to lower average selling prices and sales incentives as a drag on revenue and profit.

Its net income plunged 71% to $409 million, or 12 cents a share, from $1.39 billion or 41 cents a year ago.

Since the start of the year, its shares have plunged over 30%.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
AOC draws spotlight with Queens town hall as 2028 White House talk swirls
next post
Data center boom in world’s largest market isn’t slowing down, Dominion Energy says

related articles

FTC drops Biden-era suit accusing Pepsi of price...

May 23, 2025

How UnitedHealthcare became the face of America’s health...

May 22, 2025

Burger King targets families through movie partnerships in...

May 22, 2025

Armenian organized crime rings charged with stealing $83...

May 22, 2025

Target calls price hikes a ‘very last resort’...

May 21, 2025

A man once sued by the SEC wins...

May 21, 2025

Fanatics will host a skills challenge between fans...

May 21, 2025

Levi Strauss to sell Dockers to brand management...

May 20, 2025

Tariffs or not, a Chinese baby products company...

May 20, 2025

Boeing would avoid guilty plea, prosecution over 737...

May 17, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • EURAUD and EURNZD: EURNZD drops to new August low

    August 13, 2024
  • Tim Scott fires back after Milwaukee mayor says he doesn’t ‘buy’ the idea that Trump surging with Black voters

    July 17, 2024
  • American journalist detained in Iran as Supreme Leader Khamenei threatens US, Israel, State Department says

    November 3, 2024
  • Trump Media CFO, two other insiders sell millions of dollars worth of DJT stock

    November 15, 2024
  • Informant accused of feeding FBI bogus Biden information pleads guilty

    December 12, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,649)
  • Investing (624)
  • Stock (763)

Latest Posts

  • What Fed chief Powell said about crypto that may have aided bitcoin’s rally to $100,000

    December 6, 2024
  • Netanyahu goes against doctor’s orders, appears in Israeli parliament after surgery

    December 31, 2024
  • US continues to share data to protect Ukrainians against Russian strikes, despite intel pause: sources

    March 7, 2025

Recent Posts

  • Trump Cabinet nominees, appointees targeted with ‘violent, unAmerican threats’

    November 28, 2024
  • TNA Stock: Predictions, Live Stats, and What to Know

    August 30, 2024
  • Trump: ‘We’ll never stop looking’ for American journalist kidnapped in Syria, Austin Tice

    April 1, 2025

Editor’s Pick

  • ‘Star Trek shield’ technology gets $250M boost to knock drone swarms from the sky with high-powered microwave

    March 6, 2025
  • Rubio says ‘no choice’ but to bring USAID ‘under control’ after agency takeover: ‘rank insubordination’

    February 4, 2025
  • Bulk of truckers back Trump and are wary of a Harris presidency, says big-rig big shot

    October 31, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock