Tesla shares are reporting that the company council is looking for a new CEO to replace Elon Musk

Shares Tesla Fell on 3% when trading on the Robinhood trading platform, after the notice that his council opened the search director to achieve Elon Musk.

TESLA Council Members have addressed several executive search firms to work on the official Tesla CEO search, The Wall Street Journal reports, Referring to comments from sources familiar with discussions.

This step stems from a sharp drop in sales and profits of the electric car giant, with its top and bottom line Missing estimates in the first quarter. Tesla’s reputation was negatively affects MuskWhich spent a significant time in the White House with US President Donald Trump to cut the size of the federal government.

Mega-billioner said on Call revenue tesla Last week he plans to spend only “day or two per week” while working as a so-called Department of Government Efficiency Starting in May.

Tesla’s total income decreased by 9% compared to last year, reaching $ 19.34 billion in the January quarter. This does not match analysts of $ 21.11 billion, LSEG data shows.

Revenue from its automobile segment decreased by 20% compared to last year to $ 14 billion, as the company had to update the lines at four plants to start creating an updated version of its popular Y SUF model. Tesla also attributed a decrease in the average price sales and sales incentives as a drag and profit.

Its net income plunged 71% to $ 409 million, or 12 cents per share, with $ 1.39 billion or $ 41 a year ago.

Since the beginning of the year, his shares have been immersed by 30.13%.

– Dan Monang Pangan and Porura Kolody CNBC and Porura Kolody contribute to the reports.