Tesla dismisses report of board plan to replace Elon Musk
CNN
Tesla’s chair Robyn Denholm has rejected a Wall Street Journal report that the company’s board has begun a search process for a new CEO to replace Elon Musk.
Tesla’s chair Robyn Denholm has rejected a Wall Street Journal report that the company’s board has begun a search process for a new CEO to replace Elon Musk. The Journal reported Wednesday that Tesla’s board contacted executive placement firms in March to look for Musk’s replacement, citing multiple unnamed sources. Denholm said in a post on Tesla’s official X account that the claim was “absolutely false,” and the board is “highly confident in his ability to continue executing on the exciting growth plan ahead.” The stunning report highlighted the volatility the electric car maker has faced in recent months, as Musk spent a significant amount of his time working for the White House’s Department of Government Efficiency (DOGE) initiatives. Tesla’s (TSLA) stock price had tumbled as much as 45% this year before recovering somewhat amid a broader stock market rebound. In April, the company reported a sharp decline in both sales and profit in the first quarter, with earnings plummeting 71% – a shocking report that was perhaps overshadowed by Musk’s announcement the same day that he would be stepping back from his government role and returning to Tesla. The Journal said it was unclear whether Musk’s announced return altered the status of the succession planning. Around the same time the board began looking for a potential new CEO, directors told Musk that he needed to spend more time at the company, according to the report. Musk didn’t push back, the Journal said.
After weighing a slightly lower unemployment rate with small increases in inflation in December, the Federal Reserve on Wednesday decided to leave its key overnight lending rate untouched. That decision follows the three cuts the Fed made last year, for a total of six cuts since September 2024.
Unless your name is Domino’s, it’s tough to be a pizza chain right now.
Apple bet big on a dramatic redesign of its iPhone last year, the biggest shakeup to its flagship smartphone in nearly a decade. But the slimmer iPhone Air hasn’t seemed to resonate with buyers.
Federal Reserve officials convene this week at a pivotal moment in the US central bank’s 112-year history, with a series of historic events putting a spotlight on their ability to set interest rates without political interference.
TikTok’s new US business, led by a group of mainly American investors approved by President Donald Trump, is off to an inauspicious start.
For years, social media giants have argued against claims that their platforms harm young people’s mental health. Starting Tuesday, they will for the first time have to defend against those claims before a jury in a court of law.
Amazon is closing its branded brick-and-mortar grocery stores, with the company consolidating its strategy under the Whole Foods name.
Record-high car prices coupled with high interest rates are leading to huge monthly car payments for many Americans. A record share of Americans — more than 20% — agreed to pay more than $1,000 per month for a new car loan at the end of the year, according to car sales site Edmunds.
Some TikTok users are accusing the app of censorship after they attempted and failed to upload videos about ICE. TikTok says the ongoing glitches are related to a power outage.
The corporate cavalry isn’t coming.
President Donald Trump announced on Monday he is raising tariffs on goods from South Korea to 25% from 15%.
Minnesota’s corporate giants have remained silent publicly for more than a month as their businesses and the local economy suffered from massive federal immigration operations in the Twin Cities.
As MAGA media frets over the optics of the Alex Pretti shooting, Brian Kilmeade repeatedly floated a suggestion to the president over Fox’s airwaves on Monday.