Tesla’s shares were flat in premarket trading on Thursday after refusing the Wall Street Journal report on Thursday that its board was looking for a replacement for Chief Executive Elon Musk.
Report, Citing comments from sources familiar with discussionsSaid that Tesla’s board members reached several executive search firms to work on a formal process to find the next CEO of the company. Tesla’s shares fell on the trading platform Robinhood after the news after the news after the news after the news after the news.
Tesla President Robin Denhom wrote on the social media platform X that the report was “absolutely wrong.”
“Earlier, today, a media report incorrectly claimed that Tesla Board had approached the recruitment firms to start a CEO search in the company,” he wrote.
“This is absolutely wrong (and the media was informed before the report was published). Tesla’s CEO is Elone Musk and the board is highly convinced in his ability to execute the exciting development plan.”
This comes after a sharp decline in the sales and profits of the veteran company of the electric vehicle, the lines above and the bottom estimates in the first quarter. Musk has admitted that his participation with the Trump administration may reduce the price of the automaker’s share.
Mega-Billionaire said on a Tesla earnings call last week that it is planning to spend “day or two per week” to run the so-called department of government proficiency starting in May.
Tesla shares
Tesla’s total revenue slipped 9% year-on-year to hit a hit of $ 19.34 billion in the January-March quarter. It is lower than an forecast of $ 21.11 billion by analysts, LSEG data shows.
Revenue from its automotive segment declined by 20% year-on-year, as the company needed to update lines in its four vehicle factories to start creating the latest version of its popular model Y SUV. Tesla also attributed the fall for average sales prices and sales incentives as a drag on revenue and profit.
Its net income was a year ago to $ 1.39 billion or 41 cents to 71% $ 409 million, or 12 cents per share.
Since the beginning of the year, its shares have exceeded 30%.
– Dan Mangan and Laura Copanny of CNBC contributed to this report.
