Look out Elon Musk, a new Tesla is in town. A company named Tesla EV Motors has incorporated in Texas and is looking to replace Musk's auto company.

Tesla has sent a message that Musk "isn't untouchable," said Quartz. The report of the board's willingness to replace him was likely part of a "game of high-stakes poker between the board and Musk" in which the board was firing a "warning shot," said Wedbush analyst Daniel Ives. It is likely Musk will remain CEO for at least five years.

In the aftermath of Trump’s attempts to remake the global trading system with high tariff walls, Tesla shares fell to US$220 last month, down 54% from their peak four months ago. They have rebounded a bit but are still down 42% since the week before Christmas.