Tesla's Leadership Dilemma

With Tesla’s stock in sharp decline and some investors ‘irritated’ by the results of the electric car group and Musk’s apparent ‘disinterest’ in the company he founded in favor of the White House, the Board of the electric car giant has taken action and begun searching for a possible new CEO. This is reported exclusively by the Wall Street Journal, which states that the Board has contacted various specialized firms in utmost secrecy to initiate a formal process to find a successor for Musk, who has led the company for nearly 20 years, although he stepped down as Chairman of the Board in 2018.

According to the financial newspaper, tensions within the company have been rising for some time, in light of declining sales, disappointing financial results (in the first quarter of 2025, sales fell by 9% year-on-year to $19.33 billion, and net profit decreased by 71% to $409 million), and the perception that Musk is spending more time on politics (although his tenure at the Department for Government Efficiency seems to be ending) and less on the strategic leadership of the company.

Thus, after the latest quarterly report, the Board asked Musk to dedicate more time to the company and to publicly declare it, which the CEO did. However, this does not seem to have calmed the situation: the WSJ reports that the Board has proceeded with selecting a specialized firm for top management recruitment and has identified one. It should be noted that the process is still in its early stages, and it is unclear whether a succession plan or a handover will actually occur. Furthermore, it is not even clear whether Musk, who is part of the Board, was aware of the Board’s actions. Trump, speaking yesterday from the White House, thanked Musk for his commitment and told him he could stay by his side ‘as long as he wants,’ but also said he believes ‘he wants to go back home to his cars.’

After Trump’s victory last November, Tesla’s shares surged, demonstrating the optimism that Musk’s close ties with the president would bring benefits to his companies. Tesla’s market value reached an all-time high of $1.5 trillion in December, but since then, enthusiasm has waned, and the value of the electric car group has fallen to about $900 billion.

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