The Wall Street Journal, citing individuals close to the negotiations, reported that Tesla (TSLA.O) board members reached out to several executive search firms about a month ago in a bid to find a successor to CEO Elon Musk.
The WSJ reported that it was not possible to determine the current status of the board’s initiative, which was reportedly prompted by Musk’s close relationship with the Trump administration.
Musk revealed that he will dedicate more time to running Tesla and significantly lessen the amount of time spent with the Trump administration.
While sales of Tesla’s old EV lineup have been slowing down, investors have been most concerned about Musk’s absence from the company. Musk’s activities at his Department of Government Efficiency (DOGE), where he has led the initiative to reduce federal jobs, have been one of the most contentious elements of the Trump presidency.
Demonstrations targeting Musk and the company, including acts of vandalism against its charging points and display areas across America and Europe, have also occurred because of his embrace of European far-right ideology.
As per the report, Musk sat down with the board members and was asked to make an announcement publicly stating that he would be spending additional time at Tesla.
But it was not certain whether Musk, also a board member, knew about succession planning or if his commitment to working at Tesla more had affected the efforts.
Tesla’s future as an AI and robotics company instead of an automaker is underscored by Musk’s transition from his commitment to building a new, low-cost EV platform to rolling out driverless taxis and humanoid robots in the face of increasing global competition.
That aim contributes significantly to the price of the company, and certain investors believe Trump will assist in bringing it forward. Federal regulators relaxed rules on testing autonomous cars last week, which boosted the share price of Tesla.