Tensions rose between Tesla and The Wall Street Journal after the newspaper claimed Tesla’s board was looking for a new CEO.
In a post on X, Elon Musk called the article “an EXTREMELY BAD BREACH OF ETHICS” and accused the paper of ignoring a direct denial from Tesla’s board.
Tesla’s board chair, Robyn Denholm, also said in X’s post, “This is absolutely false. 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”.
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The Wall Street Journal’s report suggested that Tesla’s directors were concerned about Musk’s attention being divided between Tesla and his other companies, including SpaceX, Neuralink, and the merged X and xAI.
It also pointed to his political role advising President Donald Trump’s Department of Government Efficiency (DOGE) as another source of concern.
Some critics believe Musk’s involvement with the Trump administration has hurt Tesla’s image. In the first quarter, Tesla’s profits fell by 71%, and the company’s market value has dropped by more than $800 billion since January.
Tesla also reported a decline in the value of its Bitcoin holdings. Even though the company did not sell any Bitcoin
$96,224.76
in the first quarter, the value of its digital assets dropped from $1.076 billion to $951 million.
Musk plans to continue advising DOGE but will mostly do so remotely, which will reduce his time in Washington to focus more on Tesla’s operations.
Meanwhile, OpenAI has recently filed a countersuit against Musk. What does the lawsuit allege? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
