Tesla has started the search for a new CEO amid falling profits and sales, attributed to CEO Elon Musk's political controversies. The company's first-quarter profits plummeted 71%, prompting investor concerns and public backlash against Musk's political alignment. The board's initiative to find leadership alternatives occurred without Musk's knowledge, indicating rising dissatisfaction within the company. Musk plans to mitigate his political role and refocus on Tesla's leadership, acknowledging the impact of his political actions on the brand. The ongoing protests and campaigns indicate a growing disconnect with loyal customers, further affecting Tesla's market position.
"Today's earnings report sends a very clear message: the Tesla Takedown grassroots pressure is beginning to hit Tesla where it hurts - the company's bottom line."
"Starting next month, my time allocation to DOGE will drop significantly," he said, while admitting he still plans to contribute one or two days a week.
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