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Tesla Inc. (NASDAQ:TSLA) director James Murdoch created a stir by reportedly suggesting that CEO Elon Musk has already identified a potential successor to replace him. He disclosed this while testifying in the Musk compensation trial that is currently underway in the Delaware Chancery Court.
What Happened: There’s a light-year gap between identifying someone and having that person assume the rein, Loup Funds’ Gene Munster said while commenting on the development.
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Regardless of who is going to helm Tesla, Musk will likely remain “Tesla’s Technoking and that’s all investors will care about,” the venture capitalist said.
Any board not discussing CEO succession planning would be irresponsible and having these conversations is just good governance, Munster said. For a decision as big as this, the board has to start planning years in advance, he said.
“Putting it together, my guess is we are 2-3 years away from a new CEO announcement,” Munster added.
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Future Fund’s Gary Black dismissed the development as something that is unlikely to have an impact in the near- to medium-term.
“Every board does succession planning — usually once a year. It doesn’t mean that person is ready or that it will happen anytime soon,” the Tesla bull said.
The deductions can’t be far from the truth. Discussions regarding a potential successor for billionaire investor Warren Buffett, who runs his investment holding company Berkshire Hathaway, Inc. (NYSE:BRKA) (NYSE:BRKB) in the capacity of CEO and chairman, have been ongoing on for a long time. Buffett, meanwhile, has continued to profess good health and acumen to lead the company in both capacities.
Why It’s Important: Talks regarding a potential succession plan come at a time retail investors and Tesla bulls haven’t taken kindly to Musk’s preoccupation with Twitter, which he acquired recently. Tesla stock has shed about 47% in the year-to-date period. The billionaire himself has sounded out on more than one occasion that Twitter is eating up much of his time currently.
Musk, who also testified in the trial, reportedly said he is hoping to find someone else to run Twitter.
Price Action: Tesla closed Wednesday’s session at$186.92, down 3.86%, according to Benzinga Pro data.
Read Next: How Did Elon Musk Make His Money
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.