Tesla shares fall on report that company’s board seeks new CEO to replace Elon Musk

Tesla CEO Elon Musk walks to board Air Force One with U.S. President Donald Trump (not pictured) as they depart for Philadelphia, Pennsylvania, from Morristown Municipal Airport in Morristown, New Jersey, U.S., March 22, 2025. Shares of Tesla fell as much as 3% in overnight trading on trading platform Robinhood, following reports that its board has opened a search for a chief executive to succeed Elon Musk. Tesla's board members reached out to several executive search firms to work on a formal process for finding Tesla's next CEO, the Wall Street Journal reported, citing comments from sources familiar with the discussions. The move follows a sharp drop in the electric vehicle giant's sales and profits, with its top and bottom lines missing estimates in the first quarter. Tesla's reputation has been negatively impacted by Musk, who spent considerable time in the White House with U.S. President Donald Trump to downsize the federal government. The mega-billionaire said on a Tesla earn ... Read full article.