WSJ: Tesla is searching for a replacement for Elon Musk

A recent report revealed that the board of directors of the American electric car manufacturer Tesla is opening the door to a search for a CEO to succeed Elon Musk, amid declining profits and a falling stock price. Board members told Musk that he needed to spend more time at the company.

About a month ago, with Tesla’s stock down 3.38% and some investors angry that Elon Musk was focusing on his activities in the White House, Tesla’s board began a serious search for a successor.

Informed sources told the Wall Street Journal that board members have contacted several executive search firms to work on a formal process to find Tesla’s next CEO.

In the meantime, Tesla shares fell 3% in overnight trading on the Robinhood trading platform following this news.