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Tesla's board reportedly contacted executive search firms in March to find a CEO replacement for Elon Musk. This follows Tesla's plummeting stock price and a disastrous first quarter with a 71% profit drop. Musk's time commitment to a White House role and other ventures was a concern. While Musk's announced return to Tesla might have altered the succession plan, it remains unclear. The situation is further complicated by controversies surrounding Musk's political affiliations and the impact on Tesla's brand image and sales. Musk himself has reportedly expressed a desire to step down as CEO.

Prepared by Christopher Adams and reviewed by editorial team.