The Tesla board of directors began looking for a replacement for Musk as CEO of the company.

The board of directors of Tesla, due to the fall in shares and the irritation of some investors with the position of billionaire Elon Musk, began to look for a successor to him as CEO. This was announced on Wednesday, April 30, according to the Wall Street Journal.

The board members contacted several companies to find executives, sources told the newspaper. These organizations should develop a formal process for finding the next CEO of Tesla.

According to the interlocutors of the publication, the management thought about it about a month ago — after a sharp drop in stocks.

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On April 22, Elon Musk announced a reduction in his participation in work at DOGE due to the drop in profits of his company Tesla. He expressed this opinion during a conversation with Tesla investors, who were worried about the company's financial performance, which fell by 71% compared to the same period last year.