Amid recent claims by the Wall Street Journal that Tesla is looking to replace its high-profile CEO, the company has firmly denied the report. Elon Musk remains fully in charge, according to Tesla executives, who reaffirm that the billionaire intends to step back from his government duties to refocus on his businesses.
In an article published on Wednesday, April 30, 2025, the Wall Street Journal reported that several Tesla board members had initiated discussions to remove Musk, citing his increasing political involvement with the Trump administration and Tesla’s recent underperformance.
But the next day, Tesla Chair Robyn Denholm took to X (formerly Twitter) to shut down the rumors. “This is absolutely false. Elon Musk is Tesla’s CEO, and the board remains fully confident in his ability to execute the company’s growth strategy,” she stated.
The Doge department and fallout for Tesla
Since January, Musk has led the “Department of Government Efficiency” (Doge), a Trump-created entity tasked with slashing federal spending. His hardline approach—marked by sweeping layoffs and deep budget cuts—has sparked backlash from both the public and Tesla shareholders.
Agencies like USAID have seen their operations nearly dismantled. Musk initially promised $2 trillion in savings, though that figure was later revised to $1 trillion.
However, Musk’s political role has fueled frustration among investors, who accuse him of neglecting Tesla. Since Trump’s inauguration, Tesla shares have plummeted nearly 35%, accompanied by a global backlash and boycott. In France alone, Tesla registrations fell by 59% in April 2025 compared to the previous year, and incidents of vandalism targeting Tesla vehicles have been reported in several countries.
A gradual withdrawal from politics
Amid mounting pressure, Musk has announced he will step away from his role at Doge starting in May to fully refocus on his entrepreneurial ventures. During a cabinet meeting, President Trump responded: “You could stay as long as you want, but at some point, he wants to get back to his cars.”
Despite criticism and skepticism over Doge’s impact, Trump praised Musk’s work: “You’ve been a tremendous help. You’ve opened a lot of people’s eyes to what’s possible.”
Musk now appears to be pivoting, ready to concentrate once again on Tesla and his other companies, amid a turbulent political, media, and financial landscape.