Tesla’s board has initiated a search for a new CEO due to declining sales and profits. This process began around a month ago, with external consultancy involved.
Tesla’s financial situation has worsened, with first-quarter profits plunging by 71%. Sales have struggled in critical markets, raising concerns among investors.
Despite Musk’s reduced engagement, he recently assured investors that he would allocate more time to Tesla operations starting next month, although the impact on the succession discussions remains uncertain.
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