Tesla Inc. Chair Robyn Denholm denied a report that the board had looked to replace Chief Executive Officer Elon Musk, saying directors are “highly confident” in his ability.“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,

Amid Tesla's plummeting stock value, Elon Musk and the company's board firmly deny reports they're seeking his resignation as CEO.

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