Elon Musk and the chairwoman of Tesla, Robyn Denholm, strongly denied a Wall Street Journal report that claimed the company was looking for a replacement for Musk as CEO.

Tesla Inc. Chair Robyn Denholm denied a report that the board had looked to replace Chief Executive Officer Elon Musk, saying directors are “highly confident” in his ability.“Earlier today, there was a media report erroneously claiming that the Tesla board had contacted recruitment firms to initiate a CEO search at the company,

The Wall Street Journal reported on Wednesday that board members began searching for a new CEO amid Tesla's stock slump.