Amidst Tesla's share price decline and investor dissatisfaction with Elon Musk's preoccupation with White House matters, the company's board has officially embarked on a CEO succession plan. To identify a suitable replacement, the board has reached out to several headhunting firms. By the first quarter of 2025, Tesla's share price had plummeted by over 40% year-to-date, accompanied by a steep 71% year-on-year drop in net profit.