Overview

• Tesla's board has formally engaged executive search firms to identify a new CEO to replace Elon Musk.
• The decision comes after a significant drop in Tesla's stock price and profits earlier this year.
• Musk's leadership of the Department for Public Efficiency in the Trump administration has been cited as a distraction from Tesla's operations.
• Anonymous sources report growing tensions within Tesla as Musk dedicates much of his time to his Washington role.
• It remains unclear whether Musk has been directly informed of the board's succession planning efforts.