According to a WSJ report, Tesla's board has begun searching for Elon Musk's potential successor, driven by significant challenges such as protests, declining sales, and shrinking profits. The board expressed concerns over Musk's split focus due to his political engagements, urging him to dedicate more time to Tesla. Despite these issues, Musk remains optimistic, having assured investors during an earnings call that the company is far from dire straits, despite reporting a notable dive in profits and revenue. The status of succession planning within Tesla is currently unclear.
Tesla's board quietly began searching for Elon Musk's potential successor as the carmaker faced protests, plummeting sales, and shrinking profits.
Board members reportedly met with Musk to express concerns about his divided attention, urging him to allocate more time for Tesla.
Musk's involvement in government work resulted in Tesla's first annual sales decline in over a decade, tarnishing the company's brand image.
Despite a 71% profit decline and 9% revenue drop, Musk assured investors that "we're not on the ragged edge of death, not even close."
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