A report from The Wall Street Journal had claimed Tesla's board was eyeing a replacement for Musk, but the company has said the news is 'absolutely false’.

With profits and the stock price sinking, board members told Musk he needed to spend more time at the company.

Elon Musk's time as 'cost-cutter-in-chief' for the Trump administration has coincided with a $650 billion slump in the value of Tesla stock.