Elon Musk and Crypto Leaders Slam WSJ Over Alleged CEO Replacement Report

CEO of Tesla, billionaire Elon Musk, is again in the spotlight because of a controversial report recently published by The Wall Street Journal. The report published on this platform claimed that Tesla’s board has begun searching for Musk’s replacement as Chief Executive Officer. This claim was made because Musk’s political activities and divided attention across multiple ventures. According to the report, recruitment firms have allegedly been approached to identify a new candidate to lead the electric vehicle giant. Shortly after this report was published and started getting attention on social media, Elon Musk responded publicly on X. He condemned the article published by WSJ as baseless and unethical. “It is an EXTREMELY BAD BREACH OF ETHICS,” he posted. He further accused the publication of knowingly excluding a direct denial from the Tesla board that had been issued before the report’s release. 

It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors! https://t.co/9xdypLGg3c

— Elon Musk (@elonmusk) May 1, 2025

Tesla Board Offers Public Rebuttal

Tesla board chair Robyn Denholm also issued an official statement on X through Tesla’s official account and strongly rejected the WSJ’s narrative and claims. In the post, it was stated that “This is absolutely false.” The post further added, “The CEO of Tesla is Elon Musk, and the board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company.

This is absolutely false (and this was communicated to the media before the report was published).

The CEO of Tesla is…

— Tesla (@Tesla) May 1, 2025

Denholm highlighted that the media houses were informed in advance. That no recruitment was done by the firm, yet the article was published without acknowledging the important denial. The swift responses from both Musk and the Tesla board aim to counteract the market speculation and restore confidence. 

Backdrop of Political Involvement and Financial Pressure

The WJS report comes at a time when Musk is facing increasing scrutiny for his political engagement. Particularly, his advisory role in the U.S. government Department of Government Efficiency (DOGE). DOGE is an initiative associated with President Donald Trump. Critics argue that Musk’s involvement in partisan politics could be damaging to Tesla’s global image. Especially in a more neutral and progressive market. Musk plays a leadership role at Tesla, SpaceX, Neuralink, and the recent merger of X and xAI has reportedly agreed to shift more of his attention back to Tesla. While he continues to advise DOGE, he is said to have scaled back his physical presence in Washington to Tesla’s strategic direction. 

Crypto Executives Lash Out at WSJ

Musk’s backlash has also been joined by the crypto industry, with several prominent crypto leaders who have also condemned and accused WSJ of biased and misleading coverage. This trend underscores rising tension between the traditional media outlets and the DeFi community. On April 12, Binance CEO publicly rejected a WJS report that alleged he had agreed to testify against Tron founder Justin Sun. It was in a plea deal with the U.S. Department of Justice. Zhao, on X, criticized and wrote, “WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t…” WJS seems to have a long-standing history of getting slammed by the crypto community. For instance, in March 2023, Tether also denied WSJ claims. WJS alleged that Tether used fake documents and shell companies to maintain banking relationships. The stablecoin dismissed this story and called the claims stale, inaccurate, and misleading.” These are some of the cases where the crypto community has condemned the fake coverage of the WJS. 

WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn't. 🤯

People who become gov witnesses don't go to prison. They are protected.🤷‍♂️

I heard someone paid WSJ employees to smear me.😅 https://t.co/xqpnBwvlmi

— CZ 🔶 BNB (@cz_binance) April 12, 2025

Tech Giants and Mainstream Media

These reports clash form Musk and other top crypto figures signal a deepening rift between Web3 innovators and legacy media institutions. Overall, the Tesla leadership is unified in standing behind Elon Musk and against what irresponsible journalism describes.