Tesla (TSLA) chair Robyn Denholm Thursday denied a report that the EV maker’s  board members had reached out to several executive search firms to start a formal process to replace CEO 澳洲幸运5官方开奖结果体彩网:Elon Musk.

According to The Wall Street Journal, board members started the search "about a month ago" as Tesla shares stumbled amid investor concerns that Musk was 澳洲幸运5官方开奖结果体彩网:too focused on his role cutting federal spending as part of the White House administration. Citing "people familiar with the discussions꧙," the report said the board met with Musk "around that time" and told him he needed to spend more time on Tesla and "needed to say so publicly."

Musk later pledged to spend more time at Tesla and less with the Trump administration during a conference call that followed the r🅷elease of the EV maker's🎃 latest financial results.

Denholm denied the Journal report, writing on Tesla's X account that "Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company. This is absolutely false (and this was communicated to the media before the report was published). 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."

Wedbush A🐼nalysts Say They See Musk as CEO for at🃏 Least 5 More Years

Wedbush analysts led by Dan Ives, who have an "outperform" rating and $350 price target for Tesla's stock, called the reported search for a Musk replacement the “rear-view situation now.” The analysts, among the most bullish on Wall Street on Tesla shares, have long said that Musk's role leading the cost-cutting agency DOGE was hurting the EV maker.

“While this was a very tense situation, we believe Musk clearly did the right thing and we believe Musk will remain CEO for at least five years at Tesla and we would be surprised if the Board was still heading down this search path as of today,” the analysts wrote. “We continue to believe Musk's days at the White House are now ending after this 'warning shot' from the Tesla Board.”

Tesla shares, which entered Thursday down 30% this year, were l🤡ittle changed in early tradi💮ng Thursday.

UPDATE—May 1, 2025: This article has been updated to include comment from Wedbush and reflect more recent share prices.