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.

Dogecoin prices remained stable despite reports of Tesla searching for a new CEO to replace Elon Musk, which the company denied. Tesla board members reportedly considered replacing Musk due to his involvement with the Trump administration, but Musk and Tesla refuted these claims.