Tesla has denied reports that it has contacted recruitment firms to launch a search for a replacement for Elon Musk as chief executive. The Wall Street Journal reported on Wednesday that the electric car firm's board began looking for a successor to Mr Musk last month.

Tesla has denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk. Shares of Tesla fell as much as 3% overnight on trading platform Robinhood following the news,

Musk convinced his board to hand him a monster pay package—but that was before Tesla lost more than $500 billion in market value.