Tesla CEO Elon Musk has strongly denied a Wall Street Journal report suggesting the company’s board is seeking to replace him, as the EV giant faces significant challenges following is disappointing first quarter. Musk called the the Journal’s reporting a “DELIBERATELY FALSE ARTICLE” and “EXTREMELY BAD BREACH OF ETHICS.”

Elon Musk, the billionaire CEO of Tesla, has vehemently rejected a recent Wall Street Journal report that claimed the company’s board of directors is actively searching for his replacement. The report, published on Wednesday, alleged that Tesla’s board had begun reaching out to recruiting firms about a month ago to formalize the process of finding a new chief executive. This development comes as the electric vehicle manufacturer continues to grapple with massive challenges, as evidenced by its disastrous first-quarter earnings.

In response to the Journal‘s article, Tesla Chair Robyn Denholm took to X to dismiss the report as “absolutely false.” Denholm asserted that this information had been communicated to the media before the report’s publication. She further affirmed the board’s confidence in Musk, stating, “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.”

Interestingly, SEC filings cited by Electrek reveal that Denholm herself sold over $32 million worth of Tesla shares on Tuesday, fueling speculation about her own future on the board.

Musk, not one to remain silent, echoed Denholm’s words while lambasting the Journal for publishing what he deemed a deliberately false article. He wrote on X, “It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors!” However, the Journal’s report noted that Musk did not return their requests for comment prior to publication.

Tesla’s first-quarter financial results, released last week, paint a troubling picture for the company. Total revenue for the first three months of 2025 fell 9.4 percent from the previous year, missing Wall Street expectations by approximately $1.8 billion. During the earnings call, Musk indicated that he would start spending less time running the so-called Department of Government Efficiency (DOGE), which has caused significant disruption within the federal government in its efforts to dramatically downsize it.