Kimbal Musk, brother of Tesla Inc. TSLA CEO Elon Musk, has voiced support for him amid rumors — denied by the company — that the board was considering his replacement.
What Happened: “Tesla is lucky to have [Elon Musk] leading the company,” he said in a post on social media platform X, which Musk also owns, on Thursday.
The billionaire’s brother then went on to claim that Musk had generated more shareholder value than any other car company in history. Tesla’s market capitalization has surged from $1 billion in 2008, when Musk became CEO, to nearly $900 billion today.
Why It Matters: The comments come in as reports in the media suggested that Tesla was looking at alternatives to Musk for the CEO position, which the company has since denied, calling the reports “absolutely false.”
Wedbush Securities’ Dan Ives also backed Musk amid the reports, suggesting that the firm believes Musk will be CEO for at least 5 years. The claims of replacing Musk come in as Tesla has experienced a difficult quarter with a 71% YoY decline in profit as well as poor sales and instances of targeted vandalism.
However, Musk’s commitment to the EV giant was reiterated when the billionaire said he would scale back on his time with DOGE and the Trump administration, which was hailed by experts and saw TSLA Stock surge in value.
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