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Tesla chair Robyn Denholm on Thursday denied a Wall Street Journal report claiming board members had reached out to a number of executive search firms to find a new replacement for CEO Elon Musk.
Denholm called the report "absolutely false" and said on X the EV maker's board is "highly confident" in Musk's ability to "continue executing on the exciting growth plan ahead".
Musk said on X the report was a "deliberately false article". Activist investors have long accused Tesla's board of lacking independence and failing to rein in Musk.
Musk's has overseen the Department of Government Efficiency, which has faced some legal challenges and criticism over what some perceive as a lack of transparency. Musk said last week he would cut back significantly on the time he devotes to the Trump administration and spend more time running Tesla.
Tesla recently shared the news of disappointing first-quarter results when its earnings report was weaker than most Wall Street analysts had expected. Tesla’s revenue had tumbled 9% and its profit was down 71%.
The prediction market Kalshi gives Musk only a 19 percent chance of being ousted or stepping down as Tesla's CEO this year.
The market originally opened a year ago with just shy of $200,000 in betting volume thus far.
Kalshi will settle this market should Elon Musk no longer serve as CEO of Tesla by Dec 31, 2025. The market would then resolve to Yes. Outcome will be verified from Tesla and Bloomberg.
For the avoidance of doubt, an announcement that Elon Musk will no longer be CEO at some point in the future isn't sufficient for the market to resolve to Yes, the site explains.
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