Tesla board members reached out to multiple executive search firms to initiate the hunt for a new CEO as tensions mounted over the company’s plummeting stock price, sources familiar with the discussions told The Wall Street Journal.

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.

The Wall Street Journal reported on Wednesday that board members began searching for a new CEO amid Tesla's stock slump last month.