Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US and Iran clash over uranium enrichment as...
Hundreds of Ukrainian prisoners released in swap with...
Trump signs executive orders bolstering nuclear industry, domestic...
Trump administration plans to overhaul National Security Council,...
Satellite images reveal North Korea’s mangled naval destroyer...
Trump admin steps up overhaul of National Security...
Trump unleashes US nuclear renaissance with bold executive...
DAVID MARCUS: Tax-free overtime could be midterm magic...
SCOOP: House Republicans request ban on federally funded...
WATCH: GOP senators rail against staggering $4.7 trillion...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Tesla denies report it’s looking to replace Elon Musk

by admin May 3, 2025
May 3, 2025
Tesla denies report it’s looking to replace Elon Musk

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

previous post
Jeff Bezos discloses plan to sell up to $4.8 billion in Amazon stock
next post
Top 5 Canadian Mining Stocks This Week: Lion Rock Jumps 60 Percent

You may also like

CVS replaces CEO as profits, share price suffer

October 19, 2024

Comcast and Harris Blitzer to build NBA, NHL...

January 14, 2025

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

May 23, 2025

AMC is poised to ride the box office...

November 19, 2024

IMAX CEO expects $1.2 billion in box office...

February 23, 2025

Comcast to announce the spinoff of cable networks,...

November 21, 2024

Retailers scramble to move billions in cargo as...

October 1, 2024

KFC moves U.S. headquarters from Kentucky to Texas

February 20, 2025

Dropbox slashes 20% of global workforce, eliminating more...

October 31, 2024

Home Depot expects sales to weaken as consumers...

August 14, 2024

Recent Posts

  • US and Iran clash over uranium enrichment as nuclear talks resume in Rome
  • Hundreds of Ukrainian prisoners released in swap with Russia, Zelenskyy says
  • Trump signs executive orders bolstering nuclear industry, domestic uranium mining
  • Trump administration plans to overhaul National Security Council, weeks after Waltz’s departure
  • Satellite images reveal North Korea’s mangled naval destroyer after failed launch

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (742)
    • Investing (2,168)
    • Politics (2,688)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.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 © 2024 Sightful Invest. All Rights Reserved.