Tesla (NASDAQ:TSLA) is back in the headlinesand not in a good way. A Wall Street Journal report claimed board members were quietly exploring CEO replacements, setting off alarm bells. But Tesla Chair Robyn Denholm fired back, calling the story absolutely false and doubling down on confidence in Elon Musk. Still, behind the scenes, pressure is building. Sources say the board recently told Musk to publicly re-prioritize Tesla, and he didn't object. On the latest earnings call, Musk promised to shift far more of his time back to the company now that his controversial political stint is winding down.

Investors aren't just worried about who's at the helmthey're staring down real performance issues. Tesla's April sales in France collapsed 59% year over year, hitting the lowest level since early 2023. Meanwhile, the stock is down 41% from its December peak, even as rivals like BYD surge and European automakers sound the alarm over Trump-era tariff fallout. With board chair Denholm quietly unloading $32 million in Tesla shares this weekon top of $150 million since Decembersome see the writing on the wall. Analyst Dan Ives called the succession chatter a warning shot, while investor Ross Gerber floated a Musk exit plan where he shifts to chairman and JB Straubel steps in as CEO.

One thing is clear: this isn't just about who's sitting in the CEO seat. Tesla's brand, sales, and strategy are under fire from all sidescustomers and shareholders alike. Musk's return may help, but unless the company finds its footing fast, Wall Street's patience could wear thin.