‘Bad breach of ethics’ — Musk echoes crypto execs in backlash against WSJ

Tesla CEO Elon Musk has lashed out at The Wall Street Journal (WSJ), calling the publication’s latest report “an EXTREMELY BAD BREACH OF ETHICS,” after it claimed the Tesla board was actively seeking his replacement as CEO.

The report, published on April 30, alleged that the board had approached recruitment firms due to concerns over Musk’s political activity and split focus across multiple ventures.

Musk took to X to denounce the article, stating that the WSJ deliberately published false information while knowingly excluding an “unequivocal denial” from Tesla’s board.

Tesla board chair Robyn Denholm also issued a strong rebuttal early Thursday morning, posting on Tesla’s official X account that the board had not contacted recruiters.

“This is absolutely false,” she said. “The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

*Musk and Tesla board dismissing WSJ report. Source: Elon Musk*

Musk under scrutiny for role in DOGE

The WSJ’s report comes amid growing scrutiny of Musk’s political involvement, particularly his advisory role in US President Donald Trump’s Department of Government Efficiency (DOGE).

Critics argue that his involvement with the Trump administration has hurt Tesla’s brand, especially in international markets. Tesla’s first-quarter profit plunged 71%, and its market value has declined by over $800 billion since the start of the year.

The automaker’s Q1 results released show revenues hit $19.34 billion, missing Wall Street estimates by 7.85% and marking a 9.2% fall from the same period last year.

However, the firm held onto its Bitcoin during the first quarter of 2025. Tesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1, alongside Bitcoin’s 11.56% price fall to $82,514 over the same time.

Musk, who also runs SpaceX, Neuralink, and the recently merged X and xAI, has agreed to shift more of his time back to Tesla in response to shareholder pressure. According to reports, he is now advising DOGE remotely and has scaled back his physical presence in Washington.

Crypto executives lash out at WSJ

Musk’s backlash against the WSJ adds to a growing chorus of criticism from crypto executives who have recently accused the outlet of misleading coverage and bias against the digital asset industry.

On April 12, Binance’s former CEO Changpeng Zhao dismissed a WSJ report that claimed he has agreed to provide evidence against Tron founder Justin Sun as part of a plea deal with the United States Department of Justice (DOJ).

“WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t,” Zhao wrote in an April 12 X post. “People who become gov witnesses don’t go to prison. They are protected. I heard someone paid WSJ employees to smear me.”

In March 2023, Tether also rejected a WSJ report alleging it used fake documents and shell companies to maintain banking access, calling the claims “stale,” “inaccurate,” and “misleading.”

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