With profits and the stock price sinking, board members told Musk he needed to spend more time at the company.

It hasn't been an easy year for electric vehicle maker Tesla (NASDAQ: TSLA), which has seen its stock fall roughly 30% this year (as of April 30 market close). The company reported disappointing first-quarter results,

Tesla Inc.’s board of directors took steps toward finding Chief Executive Elon Musk’s successor earlier this month, as the EV maker’s stock sank while Musk prioritized his DOGE efforts, according to a new report.