Tesla's board reportedly sought a successor while Musk wheeled around Washington

Core Insights - Tesla's board has initiated a search for Elon Musk's potential successor due to concerns over his divided attention and the company's declining performance [1][2] - Musk's involvement in government work has contributed to Tesla's first annual sales decline in over a decade, with the company's market value dropping from $1.5 trillion to approximately$900 billion [3] - Despite reporting a 71% profit decline and a 9% revenue drop, Musk remains optimistic about Tesla's future, assuring investors that the company is not in a critical state [4] Group 1 - The board's concerns about Musk's focus led to discussions about succession planning [1][2] - Musk's government activities have negatively impacted Tesla's brand image and sales performance [3] - The current status of the succession planning process is unclear, including Musk's awareness of it [4] Group 2 - Tesla's market value has significantly decreased, reflecting investor concerns [3] - The company reported a substantial decline in profits and revenue during the latest earnings call [4] - Musk's commitment to allocate more time to Tesla starting in May indicates a potential shift in focus [2]