Electric vehicle maker, Tesla, has debunked reports that its board is looking to replace Elon Musk as chief executive.
Tesla’s shares were flat in premarket trading Thursday following a Wall Street Journal report.
The report claimed the company’s board members have spoken to several executive search firms to work on a formal process which will help find the company’s next CEO.
It led to Tesla’s shares falling as much as 3% in overnight trading.
But Tesla chair Robyn Denholm has taken to X to describe the report was “absolutely false”.
“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,” she wrote.
“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.”
Weeks ago, Musk admitted that his involvement with the Donald Trump administration could be affecting the automaker’s stocks.
